CCEA nod likely for additional 5 mn tonne wheat export

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 $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.