State-run Food Corporation of India (FCI) will offer 11.72 lakh tonnes of wheat to bulk consumers like flour millers through the third e-auction to be held subsequent week, the Food Ministry stated on Saturday.
FCI plans to promote 25 lakh tonnes of wheat to bulk consumers underneath the Open (*22*) Sale Scheme (OMSS) until March-end as a part of the federal government’s measure to verify rise in home costs.
In the final two weekly e-auctions, about 12.98 lakh tonnes wheat was bought, out of which 8.96 lakh tonnes has already been lifted by the bidders which has resulted in cooling down of retail costs of wheat and atta.
In a press release, the Food Ministry stated FCI will offer 11.72 lakh tonnes of wheat from 620 depots throughout the nation through the third e-auction to be held at 11 a.m. on February 22.
Bidders, who’ve registered themselves on the e-portal of M-Junction by 10 p.m. on February 17, might be allowed to take part in the e-auction on February 22, it stated.
The final date for deposit and importing of earnest cash is February 21 until 2:30 pm.
On Friday, the federal government additional diminished the reserve worth on the market of wheat by OMSS scheme to convey down the value of wheat and atta.
The reserve worth of honest and common (FAQ) high quality wheat has been diminished to ₹2,150 per quintal, whereas for Under Relaxed Specifications (URS) wheat to ₹2,125 per quintal.
These new reserve costs are relevant from the third sale of wheat by e-auction.
“The announcement of revision in uniform reserve price across the country by the GOI would benefit the consumer across the country and would further bring down the prices of wheat and atta,” the Ministry stated.
In order to handle the rising worth of wheat and Atta in the nation, as per the advice made by the Group of Ministers, FCI is releasing a toal 30 lakh tonnes wheat stock from the Central pool stock to the market by numerous routes underneath the OMSS.
Out of 30 lakh tonnes, FCI will promote 25 lakh tonnes to bulk consumers like flour millers by e-auction, 2 lakh tonnes might be given to states/union territories and three lakh tonnes to establishments and state-PSUs at concessional charges for changing wheat into wheat flour.
FCI, the federal government’s nodal company for procurement and distribution of foodgrains, had round 156.96 lakh tonnes of wheat as of January 26 in the buffer stock.
On April 1, the nation would have a wheat stock of 96 lakh tonnes, simply above the buffer norm requirement of 75 lakh tonnes.
Under the OMSS coverage, the federal government permits FCI to promote meals grains, particularly wheat and rice, at predetermined costs in the open market from time to time to bulk consumers and personal merchants.
The function is to enhance the provision through the lean season and reasonable the overall open market costs.
The Centre had banned wheat exports in May final yr to management costs, after a slight fall in home manufacturing and a pointy decline in the FCI’s procurement for the central pool.
India’s wheat manufacturing fell to 106.84 million tonnes in the 2021-22 crop yr (July-June) from 109.59 million tonnes in the earlier yr due to warmth waves in just a few states.
The procurement fell sharply to 19 million tonnes this yr from round 43 million tonnes final yr.
However, wheat manufacturing this yr is projected to hit a brand new file of 112.18 million tonnes. The procurement of the brand new wheat crop would start from March 15.
