CCEA nod likely for additional 5 mn tonne wheat export
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CCEA nod likely for additional 5 mn tonne wheat export

Last Updated: Tuesday, March 05, 2013, 20:05
 
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CCEA nod likely for additional 5 mn tonne wheat export
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) is likely to consider on March 7 the Food Ministry's proposal allowing export of additional 5 million tonne wheat from the government godowns to clear surplus stock ahead of arrival of new crop.

The proposal is also to permit recognised private traders to export the government-held wheat stocks along with state- run trading agencies such as MMTC, STC, PEC Ltd.

So far, the government has allowed export of 4.5 million tonne through public sector trading agencies. Of this, about 2 million tonne has already been shipped in a price range of USD 295-330 a tonne.

According to sources, "The CCEA is scheduled to meet on March 7 and the proposal on wheat export is on the agenda of the meeting."

The move is aimed at creating enough space to accommodate new wheat crop, which will be harvested from month-end.

The floor price will be determined by the inter- ministerial panel, headed by Commerce Secretary.

Sources said that additional exports would ease storage pressure in Punjab, Haryana and Madhya Pradesh.

As on February 1, the wheat stock in the central pool was 30.80 million tonne, as against the actual requirement of 11.2 million tonne. Much of it is lying in these three states.

The wheat stock has piled up in the government godowns due to record procurement following bumper crop in the last two years.

The government is aiming to procure a record 44 million tonne in the 2013-14 marketing year starting April.

Wheat production touched all-time high of 94.88 million tonne in 2011-12. Production is estimated to be 92.30 million tonne this year.

PTI



First Published: Tuesday, March 05, 2013, 20:02


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