Last Update: February 18, 2023, 13:28 IST
The reserve price of wheat of fair and average quality has been reduced to Rs 2,150 per quintal, while the reserve price of wheat under concessional specifications has been reduced to Rs 2,125 per quintal.
FCI plans to sell 2.5 million tonnes of wheat to bulk consumers under OMSS by the end of March as part of the government’s measure to contain the rise in domestic prices.
state owned food corporation India The Food Ministry on Saturday said it will offer 11.72 lakh tonnes of wheat to bulk consumers such as flour mills (FCI) during the third e-auction to be held next week. FCI plans to sell 2.5 million tonnes of wheat to bulk consumers under the Open Market Sale Scheme (OMSS) by the end of March as part of the government’s measure to contain the rise in domestic prices.
About 12.98 lakh tonnes of wheat was sold in the last two weekly e-auctions, out of which 8.96 lakh tonnes have already been lifted by the bidders, resulting in fall in retail prices of wheat and flour.
The Food Ministry said in a statement that FCI will offer 11.72 lakh tonnes of wheat from 620 depots across the country during the third e-auction to be held on February 22 at 11 am. M-junction will be permitted to participate in the e-auction on February 22 till 10 pm on February 17.
The last date for depositing and uploading the EMD is February 21 by 2:30 PM. The government on Friday further reduced the reserve price for sale of wheat under the OMSS scheme to bring down the prices of wheat and flour.
The reserve price of Fair and Average (FAQ) quality wheat has been reduced to Rs 2,150 per quintal, while the reserve price of Under Relaxed Specifications (URS) wheat has been reduced to Rs 2,125 per quintal. These new reserve prices are applicable from the third sale of wheat through e-auction.
“The announcement of revision of uniform reserve price by the Government of India across the country will benefit the consumer across the country and further bring down the prices of wheat and flour,” the ministry said.
To address the rising price of wheat and flour in the country, as recommended by the Group of Ministers, FCI is releasing a total of 30 lakh tonnes of wheat stock from the Central Pool Stock to the market through various routes under OMSS. ,
Out of 30 lakh tonnes, FCI will sell 25 lakh tonnes through e-auction to bulk consumers like flour mills, 2 lakh tonnes to States/UTs and 3 lakh tonnes to institutions and state-public undertakings converting wheat at concessional rates. will be given for in wheat flour.
FCI, the government’s nodal agency for procurement and distribution of food grains, had about 156.96 lakh tonnes of wheat in its buffer stock as on January 26. On April 1, the country will have a wheat stock of 9.6 million tonnes, well above the buffer norm requirement of 7.5 million tonnes. Under the OMSS policy, the government allows FCI to sell food grains, especially wheat and rice, to bulk consumers and private traders at pre-determined prices in the open market from time to time.
The objective is to boost supply and reduce general open market prices during the lean season. The Center had banned wheat exports in May last year to control prices following a marginal decline in domestic production and a sharp fall in FCI procurement for the central pool.
India’s wheat production fell to 106.84 million tonnes in the 2021-22 crop year (July-June) from 109.59 million tonnes in the previous year due to heat wave conditions in some states. Procurement fell sharply to 19 million tonnes this year from around 43 million tonnes last year.
However, wheat production this year is estimated to reach a new record of 112.18 million tonnes. The procurement of new wheat crop will start from March 15.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)