The Centre has expressed concern by the recent price volatility seen in certain agricultural commodities and decided to constitute an advisory committee within a week. Speaking to reporters in Mumbai yesterday, Union Food Minister, K V Thomas said that the committee will be formed by Union Food Ministry and it will consist of farmers and people from industry and media. He added that the government is in talks with the Forward Markets Commission to bring down the volatility in prices in the futures market.

On the proposed Forward Contract Regulation Act (FCRA) Amendment Bill, the minister said the bill is being considered by the Cabinet and is expected to be cleared in the Monsoon session of Parliament.

Talking about export of wheat, Mr. Thomas said the proposal to export two million tonnes of wheat from the central pool could be discussed in the forthcoming Cabinet Committee on Economic Affairs – CCEA meeting. He, however, clarified that the government was not in haste to export foodgrain as its first priority is distribution within the country.

Union Food Minister has said that although the government is concerned about IMD’s report of average monsoon this year, it is not much worried. He said that the foodgrains production is likely to be similar to last year’s production of 252.56 million tonnes.