Centre to offload 50 LMT of wheat and 25 LMT of rice in open market
New Delhi: Food Corporation of India (FCI) will offload 50 lakh metric tonnes (LMT) of wheat and 25 LMT of rice in the open market, the Ministry of Food & Public Distribution said on Wednesday.
This will be done in a phased manner under Open Market Sale Scheme (Domestic)[OMSS(D)] for sale through E-auction, it said.
Keeping in view the experience of the past 5 e-auctions for rice by FCI, it has been decided that the reserve price will be brought down by Rs 200/qtl and the effective price now will be Rs 2900/Qtl.
The cost on account of the reduction in the reserve price will be borne from the Price Stabilization Fund maintained by the Department of Consumer Affairs, according to the statement.
In the last one year, wheat prices have gone up by 6.77% in retail market and 7.37% in wholesale market.
Similarly, the rice prices in retail market have gone up by 10.63% and 11.12% in wholesale market.
The Centre took the decision to offer wheat and rice under OMSS(D) to private parties for increasing availability, moderate the rise in market prices and control food inflation, said the statement.
“However, it is relevant to mention that government is also providing foodgrains to NFSA beneficiaries as per their entitlement free of cost as committed under Pradhan Mantri Garib Kalyan Anna Yojna (PM-GKAY) w.e.f. 1st January 2023,” the statement added.
Stocks are offloaded under OMSS(D) from time to time to achieve multiple objectives including, inter-alia, disposal of excess stocks, reducing the carrying cost of foodgrains, enhancing supply of foodgrains during lean season & deficit regions and moderating the market prices.
In the calendar year 2023, wheat & rice are being offloaded by FCI in a phased manner as per reserve prices fixed by the Centre.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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