No plans to release wheat in open market: Govt

The government has no plans to release wheat and other commodities in the open market despite the reported five per cent price hike, which is also not justified, a top government official said.

"We have no immediate plans to sell anything in the open market, but that again is for the Food Ministry look into. The hike is not significant and there are enough stocks in the country today anyway. I don't see any real justification for the rise in price," Union Cabinet Secretary K M Chandrasekhar said on the sidelines of a seminar here today.

"I don't think the rise in wheat prices are significant. The country has enough wheat stocks and there is no justification for rise in prices," he told reporters.

India has contracted to buy 1.3 million tonnes of wheat this year, after importing 5.5 million tonnes in 2006 for the first time in six years.

According to government estimates, the country's wheat output in 2007 is expected to be around 74.9 million tonnes, up from 69.3 million tonnes last year.