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Export of additional 25 lakh tonnes of wheat from Central Pool Stocks of Food Corporation of India

New Delhi: December 26,2012

The Cabinet Committee on Economic Affairs today approved the export of additional wheat from central pool stocks of the Food Corporation of India (FCI) as per the following:

(i)        Export of additional 25 lakh tonnes of wheat from the central pool stock of the Food Corporation of India at the cost determined by individual tenders subject to the floor price of US$ 300 per metric tonne, following the same procedure as was followed for export of 20 lakh tonnes of wheat through exporting Central Public Sector Undertakings of the Department of Commerce i.e. STC, MMTC & PEC. These exports are to be completed by June, 2013.

(ii) Reimbursement of loss by the Government to FCI on account of the exports calculated as the difference between the economic cost to FCI and its realisation from the exporting CPSUs after deduction of actual port expenses and their commission at the rate of 2.5 percent, for which additional funds over and above budget estimate shall be provided.

The export of additional 25 lakh tonnes of wheat from the central pool stocks of FCI would make available more space for storage of foodgrains in the godowns of FCI and thereby easing the problem of storage being faced by the corporation.

The ultimate beneficiary would be the Govt. of India as the export of 25 lakh tonnes of wheat would ensure the efficient management of food stocks in central pool.

Background

A meeting was taken by the Prime Minister on 2.5.2012 to discuss the disposal of the excess stocks of foodgrains of the Food Corporation of India (FCI) and it was decided that the Department of Food & Public Distribution would make all efforts to export upto 4 million tonnes of wheat to Iran and other West Asian countries and together with the Department of Commerce explore the possibility of exporting grains to certain countries on bilateral basis on commercial terms.

As a follow up of the aforesaid meeting, Dr C. Rangarajan, Chairman, Economic Advisory Council to Prime Minister vide his note dated 17.5.2012 has inter alia suggested to examine the feasibility of exporting 2 millon tonnes of wheat out of public stocks. Accordingly, the CCEA in its meeting held on 3.7.2012 has approved export of 2 million tonnes of wheat from Central Pool Stocks of FCI through the CPSUs of the Department of Commerce, viz. STC, MMTC and PEC subject to a floor price of US$ 228 per tonne. Out of 2 million tonnes, the tendering process of 17.30 lakh tonnes has been completed and the average price realized is above US $ 300 per tonne.

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