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Govt Sells 3.46 Lakh-tonne Wheat, 13,164-tonne Rice Under Open Market Sale Scheme

The government is selling wheat and rice from its buffer stock in an effort to control retail prices.

In the upcoming days, it might be possible to curb the rising costs of rice and wheat. To keep the prices under control, the central government has taken certain measures. As part of its attempts to boost domestic supply and regulate retail prices, the government has sold 13,164 tonnes of rice and 3.46 lakh tonnes of wheat to wholesale buyers through an online auction. Under the Open Market Sale Scheme (OMSS), the government is selling wheat and rice from its buffer stock in an effort to control retail prices. The government’s nodal agency, Food Corporation of India (FCI), is holding an electronic auction to buy and distribute food grains. 101.5 lakh tonnes of wheat have been set aside by the Centre for the OMSS till March next year.

According to a government announcement, 4 lakh tonnes of wheat and 1.93 lakh tonnes of rice were offered in the 26th electronic auction, which took place on December 20. 13,164 tonnes of rice and 3.46 lakh tonnes of wheat were sold at a weighted average of Rs 2905.40 and Rs 2,178.24 per quintal respectively, in the e-auction. To regulate the retail prices of rice, wheat, and flour, the government is reportedly holding weekly online auctions for both wheat and rice. One tonne is the minimum and two thousand tonnes is the maximum amount of rice that a bidder may bid for. In the case of rice, bidders may place multiples of one tonne under OMSS.

With the sale of rice rising from 3,300 tonnes sold in the previous e-auction to 13,164 tonnes in the current e-auction, this approach has been taken to increase the sale of rice under OMSS (Domestic). Food Secretary Sanjeev Chopra stated earlier this month that in order to increase domestic supply and slow price increases, the government is prepared to transfer an extra 25 lakh tonnes of FCI wheat to bulk buyers between January and March of 2024 under OMSS.

https://www.news18.com/business/govt-sells-3-46-lakh-tonne-wheat-13164-tonne-rice-under-open-market-sale-scheme-8714114.html QR Code

Published Date: December 22, 2023

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