MSP wheat purchases up 38% on year in April
Financial Express Mumbai|May 02, 2023
WITH A SIGNIFICANT increase in wheat procurement by the Food Corporation of India (FCI) and state agencies last month which has given a boost to stocks, the food ministry will be initiating open market sale of the grain on a quarterly basis from July for the first time.
SANDIP DAS
MSP wheat purchases up 38% on year in April

As per earlier policy, FCI had been selling surplus wheat to bulk buyers such as flour millers and food companies during the lean season (January-March). Through initiating open market sales on a quarterly basis, the government is aiming to intervene in the market in case of any spike in wheat prices.

Retail wheat inflation rose by 19.91% in March 2023, a moderate decline from 25.37% in the previous month.

Sources said that during April, 2023, the government agencies have purchased more than 22 million tonne (MT) of wheat under the Minimum Support Price (MSP) operations, which is an increase of 38% on year.

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