Govt sells 7.1 mn tonnes wheat in open mkt to keep prices under control

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The government on Wednesday said 71.01 lakh tonnes of wheat and 1.62 lakh tonnes of rice have been sold through auction so far in the open market to keep prices under control.

"In order to increase the availability of wheat and rice in the open market and to control the prices of wheat and rice, the Government has been offloading wheat and rice in the market through weekly e-auction from June 28, 2023," an official statement said.

A total of 101.5 lakh tonnes of wheat and 25 lakh tonnes of rice have been allocated by the central government for offloading under the Open Market Sale Scheme.

Wheat is being offered at a reserve price of Rs 2,150 per quintal for Fair and Average Quality (FAQ) and Rs 2125 per quintal for Under Relaxed Specifications (URS). The reserve price of rice is being kept at Rs 2,900 per quintal.

Till January 24, 2024, 71.01 LMT wheat has been sold under OMSS.

The first e-auction of rice under OMSS for 2023-24 was held on July 5, 2023. Till January 24, 2024, 1.62 lakh tonnes of rice have been sold in the open market.

The central government is also providing wheat to cooperative agencies like NAFED/NCCF/Kendriya Bhandar/ MSCMFL under the Bharat Atta scheme. Bharat Atta is being sold at Rs 27.50/Kg.

"The Government of India remains committed to ensuring food security, stabilising prices, and supporting both consumers and stakeholders through these strategic interventions," the statement said.