Government to sell wheat and rice in open market to control prices in India

Published 2023년 6월 23일

Tridge summary

The Indian government is planning to sell 4 lakh tonnes of wheat and 5 lakh tonnes of rice from their buffer stock to bulk consumers and traders in an effort to reduce rising retail prices for these staple foods. The Food Corporation of India (FCI) will conduct e-auctions for these supplies to boost domestic supplies and control prices. The government has also imposed stock limits on wheat to prevent hoarding and contain price increases. Additionally, free food grains are provided to 80 crore people in India, and the government aims to ensure that the remaining 60 crore people get wheat and rice at reasonable prices.

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Original content

Amid the rising retail prices of staples, the government will sell 4 lakh tonnes of wheat and 5 lakh tonnes of rice from buffer stock to bulk consumers and traders in the first round of auctions soon. These measures are part of the Centre's protracted plan to rein in rising retail prices for these two common foodgrains. The government will take all possible measures to bring down retail prices, and this includes a reduction in the duty of wheat, PTI reported, citing an officialThe Food Corporation of India (FCI), the government's nodal agency for procurement and distribution of foodgrains, will conduct an e-auction of wheat on June 28 and that of rice on July 5 to boost domestic supplies and control prices. The tenders will be floated soon. We are seeing an inflationary trend in retail prices of wheat and rice. The government has directed us to start the Open Market Sale Scheme (OMMSS). The focus is on bringing down retail prices, FCI Chairman and Managing Director Ashok K Meena ...

Source: Economic times