The Cabinet Committee on Economic Affairs has approved the export of 2 million tonnes of wheat from the Central Pool stocks at a floor price of US$228 (approximately Rs. 12400/-) per ton. The CCEA has decided to set up an Empowered Committee under the Chairmanship of Commerce Secretary. The Empowered Committee shall be authorised to decide the modalities of export such as determining the export price from tender to tender and other operational issues. The exports will be done by CPSUs of Department of Commerce i.e. STC, MMTC, PEC and these have to be completed by 31.3.2013.
The proposal for wheat exports of 2 million tonnes is one of the series of actions already initiated by the Department of Food & Public Distribution for managing the over-flowing wheat stocks in the Central Pool. The Department has, with the approval of EGOM, already allocated additional 5 million tonnes of foodgrains to BPL population and also allowed sale under Open Market Sale Scheme (OMSS) of 3 million tonnes of wheat.
The decision of the CCEA to allow 2 million tonnes of wheat exports besides the aforesaid other actions taken by the Department is going to help in disposing of the excess wheat stocks from the Central Pool so as to make space available for the forthcoming kharif crop of paddy and then wheat crop in the Rabi Season.