The government of India will offload an additional 20 lakh tonnes of wheat in open market to cut prices

Published 2023년 2월 21일

Tridge summary

The Indian government has decided to sell an additional 20 lakh tonnes of wheat in the open market to help lower the prices of wheat and wheat flour. This decision is part of the Open Market Sale Scheme (OMSS), with the Food Corporation of India (FCI) responsible for the sales. The stocks will be offered through e-auction to flour mills and other buyers. The government also reduced the reserve price of wheat and advised flour mills to lower their product prices. This move is aimed at addressing the recent inflationary pressures, as India's retail inflation rate reached a three-month high of 6.52% in January.

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Original content

NEW DELHI : The Centre on Tuesday announced that it will offload an additional 20 lakh tonnes of wheat in the open market to bring down the prices of wheat and wheat flour. On 25 January, the government had announced sale of 30 lakh tonnes of wheat in the open market from its buffer stock to check rise in prices of wheat and wheat flour (atta). According to Ministry of Consumer Affairs, Food & Public Distribution, the government has decided that state-owned Food Corporation of India (FCI) will offload an additional quantity of 20 lakh tonnes of wheat in open market under the Open Market Sale Scheme (OMSS). The stocks will be for sale through e-auction to flour mills/private traders/bulk buyers/manufactures of wheat products. "So far, 50 lakh tonnes (30+20 lakh tonnes) of wheat have been decided to be offloaded under the OMSS. The reduction in reserve price along with additional offloading of 20 lakh tonnes of wheat will collectively help in reducing market price of wheat and ...

Source: Livemint