Last Updated: February 18, 2023, 13:28 IST
The reserve value of truthful and common high quality wheat has been lowered to Rs 2,150 per quintal, whereas for Under Relaxed Specifications wheat to Rs 2,125 per quintal.
FCI plans to promote 25 lakh tonnes of wheat to bulk customers below OMSS until March-end as a part of the federal government’s measure to verify rise in home costs
State-owned Food Corporation of India (FCI) will provide 11.72 lakh tonnes of wheat to bulk customers like flour millers in the course of the third e-auction to be held subsequent week, the meals ministry mentioned on Saturday. FCI plans to promote 25 lakh tonnes of wheat to bulk customers below the Open Market 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 offered, 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 an announcement, the meals ministry mentioned FCI will provide 11.72 lakh tonnes of wheat from 620 depots throughout the nation in the course of the third e-auction to be held at 11 am on February 22. Bidders, who’ve registered themselves on the e-portal of M-Junction by 10 pm on February 17, can be allowed to take part in the e-auction on February 22, it mentioned.
The final date for deposit and importing of earnest cash is February 21 until 2:30 pm. On Friday, the federal government additional lowered the reserve value on the market of wheat by means of OMSS scheme to deliver down the value of wheat and atta.
The reserve value of truthful and common (FAQ) high quality wheat has been lowered to Rs 2,150 per quintal, whereas for Under Relaxed Specifications (URS) wheat to Rs 2,125 per quintal. These new reserve costs are relevant from the third sale of wheat by means of e-auction.
“The announcement of revision in uniform reserve value throughout the nation by the GOI would profit the patron throughout the nation and would additional deliver down the costs of wheat and atta,” the ministry said.
In order to address the rising price of wheat and Atta in the country, as per the recommendation made by the Group of Ministers, FCI is releasing a toal 30 lakh tonnes wheat stock from the Central pool stock to the market through various routes under the OMSS.
Out of 30 lakh tonnes, FCI will sell 25 lakh tonnes to bulk consumers like flour millers through e-auction, 2 lakh tonnes will be given to states/union territories and 3 lakh tonnes to institutions and state-PSUs at concessional rates for converting wheat into wheat flour.
FCI, the government’s nodal agency for procurement and distribution of foodgrains, had around 156.96 lakh tonnes of wheat as of January 26 in the buffer stock. On April 1, the country would have a wheat stock of 96 lakh tonnes, just above the buffer norm requirement of 75 lakh tonnes. Under the OMSS policy, the government allows FCI to sell food grains, especially wheat and rice, at predetermined prices in the open market from time to time to bulk consumers and private traders.
The purpose is to boost the supply during the lean season and moderate the general open market prices. The Centre had banned wheat exports in May last year to control prices, after a slight fall in domestic production and a sharp decline in the FCI’s procurement for the central pool.
India’s wheat production fell to 106.84 million tonnes in the 2021-22 crop year (July-June) from 109.59 million tonnes in the previous year due to heat waves in a few states. The procurement fell sharply to 19 million tonnes this year from around 43 million tonnes last year.
However, wheat production this year is projected to hit a new record of 112.18 million tonnes. The procurement of the new wheat crop would commence from March 15.
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(This story has not been edited by News18 employees and is printed from a syndicated information company feed)
