Government sells 2.84 lakh tonnes of wheat, 5,830 tonnes of rice from buffer inventory to test retail costs
The authorities on Thursday mentioned it has offered 2.84 lakh tonnes of wheat and 5,830 tonnes of rice from its buffer inventory to 2,334 bidders by way of an e-auction as a part of efforts to manage retail costs by offloading meals grains within the open market.
In an official assertion, the meals ministry mentioned that the twenty first e-auction was held on November 15, whereby 3 lakh tonnes of wheat and 1.79 lakh tonnes of rice have been supplied below Open Market Sale Scheme (OMSS) Domestic.
The ministry mentioned that 2.84 lakh tonnes of wheat together with 5,830 tonnes of rice have been offered to 2,334 bidders.
As a part of the central authorities initiative for market intervention to manage the retail worth of rice, wheat and atta, weekly e-auctions of each wheat and rice are performed by the federal government.
The Food Corporation of India, the federal government’s nodal company for procurement and distribution of meals grains, is offloading wheat from its buffer inventory below OMSS.
The ministry mentioned the weighted common promoting worth was Rs 2,246.86 per quintal for Fair Average Quality (FAQ) wheat towards the reserve worth of Rs 2,150 per quintal pan India whereas weighted common promoting worth of Under Relaxed Specification (URS) wheat was Rs 2,232.35 per quintal towards the reserve worth of Rs 2,125 per quintal.
Moreover, 2.5 lakh tonnes of wheat have been allotted to semi-government and cooperative organisations like Kendriya Bhandar, NCCF, NAFED below OMSS (D) for changing wheat to atta and provide it on the market to the general public below ‘Bharat Atta’ model at a Maximum Retail Price (MRP) not exceeding Rs 27.50 per kilogram, the ministry mentioned.
Till November 14 this 12 months, 15,337 tonnes wheat have been lifted by these three cooperative societies for additional conversion into atta.
Traders are saved out of the ambit of wheat sale below OMSS (D) and until November 14, 1,917 random checks have been made throughout the nation in an effort to keep away from hoarding of shares.