Govt. to offload additional 20 lakh tonnes of wheat in open market to cut prices
The Hindu
State-owned Food Corporation of India (FCI) will offload an additional quantity of 20 lakh tonnes of wheat in open market
The Centre on February 21 announced 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 January 25, the Centre 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 for sale 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 along with additional offloading of 20 lakh tonnes of wheat will collectively help in reducing market price of wheat and wheat products for consumers," the statement said.
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