NEW DELHI India will free up another 10 million tonnes of wheat in the open market, Food Minister Ram Vilas Paswan said on Thursday after a cabinet meeting, as part of efforts to keep a lid on food prices.
The government buys rice and wheat from local farmers to build reserves and to sell subsidised food to the poor.
India's retail food inflation eased to 7.97 percent in June from 9.56 percent in May after the government took steps to check hoardings and curb exports of onions and potatoes.
(Reporting by Nigam Prusty; writing by Mayank Bhardwaj; editing by Malini Menon)
Trending On Reuters
Ready for Rate Hike
Two years ago India was a "fragile five" economy growing at 5 percent, facing a severe current account deficit and the rupee at record lows as the U.S. Fed Reserve prepared to taper its stimulus programme. Today, two years into the term of RBI Governor Raghuram Rajan, India is set to confidently face the Fed's first rate rise since 2006. Full Article