India will sell 20 lakh tonnes of wheat in open market from buffer stock to cool prices of wheat flour

Published 2023년 2월 21일

Tridge summary

The Indian government announced the sale of an additional 20 lakh tonnes of wheat from its buffer stock to reduce retail prices of wheat and wheat flour. The wheat will be sold through e-auctions to flour mills and other buyers. Following the reduction in wholesale prices, flour millers have been urged to lower their prices of atta and other products. Despite the sale of 50 lakh tonnes of wheat under the Open Market Sale Scheme, inflation for January 2023 was 6.52%, with concerns about potential impacts of rising temperatures on the wheat crop in key growing areas.

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Original content

The Center on Tuesday announced sale of an additional 20 lakh tonnes of wheat in the open market to further bring down the retail prices of wheat and wheat flour (atta) and asked flour millers to cut rates with softening in wholesale price of grain.On January 25, the Center 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 an official statement, 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 sold through e-auction to flour mills/private traders/bulk buyers/manufactures of wheat products.The proposal to sell stocks in the open market was taken by a group of ministers, sources said.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 ...

Source: Economic times