Govt to Offload 2.5 mln Tonnes Wheat Under OMSS in Jan-Mar: Food Secy
By Rediff Money Desk, NEWDELHI Dec 08, 2023 14:34
India's government plans to release 2.5 million tonnes of wheat from its reserves under the Open Market Sale Scheme (OMSS) in January-March 2024 to boost domestic supply and control prices.
![Govt to Offload 2.5 mln Tonnes Wheat Under OMSS in Jan-Mar: Food Secy](https://im.rediff.com/money/2022/mar/23wheat.jpg)
New Delhi, Dec 8 (PTI) The government is ready to offload additional 2.5 million tonnes of FCI wheat to bulk consumers during January-March 2024, under the Open Market Sale Scheme (OMSS), in order to boost domestic supply and check price rise, Food Secretary Sanjeev Chopra said on Friday.
In May this year, the Food Corporation of India (FCI), the government's nodal agency for procurement and distribution of grains, was given a mandate to sell wheat from the central pool to bulk consumers through an e-auction under OMSS throughout the fiscal except during procurement period in wheat growing states.
Briefing the media, the Food Secretary said so far 4.46 million tonnes has been offloaded by FCI to processors through weekly e-auctions.
"This has increased availability of wheat into the open market at affordable prices, benefitting general consumers across the country," Chopra said.
Depending on the requirement, the Secretary said "additional 2.5 million tonnes can be offloaded under OMSS during January-March of 2024."
In a further step to increase supplies in the open market, it has been decided to increase the weekly quantity being offered through e-auction by FCI, from 3 lakh tonnes to 4 lakh tonnes with immediate effect. This will further enhance wheat availability in the open market, he added.
For sale of wheat flour under 'Bharat Atta' brand at a subsidised rate, the Secretary said the quantity has been increased from 2.5 lakh tonnes to 4 lakh tonnes till January-end of 2024, he added.
The FCI is issuing wheat to central co-operative organizations like NAFED, NCCF and Kendriya Bhandar for processing into atta and for sale under 'Bharat Atta' brand through their physical/mobile outlets, at an affordable price of Rs 27.50/kg, he said.
The allocations to NAFED, NCCF and Kendriya Bhandar are being reviewed periodically to ensure sufficient availability, he said.
Areas where prices are reigning higher have been identified, and the agencies are undertaking targeted sales in these areas, he added.
The Secretary said the government is maintaining a close watch over the stock position of wheat to control prices and ensure easy availability in the country.
Besides releasing FCI stock in the open market, other measures the government has taken to increase domestic availability and contain price rise include tightening stock limits on wheat traders and banning export since May 2022.
In May this year, the Food Corporation of India (FCI), the government's nodal agency for procurement and distribution of grains, was given a mandate to sell wheat from the central pool to bulk consumers through an e-auction under OMSS throughout the fiscal except during procurement period in wheat growing states.
Briefing the media, the Food Secretary said so far 4.46 million tonnes has been offloaded by FCI to processors through weekly e-auctions.
"This has increased availability of wheat into the open market at affordable prices, benefitting general consumers across the country," Chopra said.
Depending on the requirement, the Secretary said "additional 2.5 million tonnes can be offloaded under OMSS during January-March of 2024."
In a further step to increase supplies in the open market, it has been decided to increase the weekly quantity being offered through e-auction by FCI, from 3 lakh tonnes to 4 lakh tonnes with immediate effect. This will further enhance wheat availability in the open market, he added.
For sale of wheat flour under 'Bharat Atta' brand at a subsidised rate, the Secretary said the quantity has been increased from 2.5 lakh tonnes to 4 lakh tonnes till January-end of 2024, he added.
The FCI is issuing wheat to central co-operative organizations like NAFED, NCCF and Kendriya Bhandar for processing into atta and for sale under 'Bharat Atta' brand through their physical/mobile outlets, at an affordable price of Rs 27.50/kg, he said.
The allocations to NAFED, NCCF and Kendriya Bhandar are being reviewed periodically to ensure sufficient availability, he said.
Areas where prices are reigning higher have been identified, and the agencies are undertaking targeted sales in these areas, he added.
The Secretary said the government is maintaining a close watch over the stock position of wheat to control prices and ensure easy availability in the country.
Besides releasing FCI stock in the open market, other measures the government has taken to increase domestic availability and contain price rise include tightening stock limits on wheat traders and banning export since May 2022.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 17.90 ( -3.35)
- 166585989
- Alstone Textiles
- 0.75 (+ 8.70)
- 47681821
- GTL Infrastructure
- 3.27 (+ 4.81)
- 44040612
- Visagar Financial
- 0.91 (+ 12.35)
- 29755394
- YES Bank Ltd.
- 23.70 (+ 0.77)
- 22163699
MORE NEWS
![Indian Economy...](https://im.rediff.com/80-80/money/2020/nov/22economy.jpg)
Indian Economy Growth: Exports, Manufacturing &...
Mumbai, June 30 (PTI) Healthy increase in the country's exports, improvement in the...
![India Launches...](https://im.rediff.com/80-80/news/2020/jul/imports-o.jpg)
India Launches Anti-Dumping Probe on Glass...
New Delhi, June 30 (PTI) India has initiated an anti-dumping probe into the import of...
![IBBI Launches...](https://im.rediff.com/80-80/money/2020/dec/16insolvency.jpg)
IBBI Launches Electronic Forms for Liquidation...
New Delhi, Jun 30 (PTI) To ease the compliance burden for insolvency professionals, and...