Government has approved export of five million tonnes of wheat in view of huge surplus stocks. Talking to media in New Delhi Food Minister Prof. KV Thomas said the wheat stocks will be exported from the FCI godowns in Punjab for the crop procured during the year 2011-12.

He said the stocks will be sold by competitive bidding during the next three months and the base price has been fixed at 1,480 rupees per quintal.

The base price was fixed by the Group of Ministers, GoM, headed by Agriculture Minister Sharad Pawar following a decision by the Cabinet Committee on Economic Affairs, CCEA, at its meeting earlier today.

Government has earlier allowed exports of four-and-a-half million tonnes in view of surplus stocks with FCI.