Govt to offload 30 lakh tonne wheat in open markets to contain rising prices

New Delhi [India], January 25 : The Food Corporation of India (FCI) will offload 30 lakh tonnes of wheat from the central pool in the markets under the Open Market Sale Scheme, an official statement by the Ministry of Consumer Affairs, Food and Public Distribution stated on Wednesday.
It is decided that the Food Corporation of India will offload wheat within the next two months.
"Offloading of 30 LMT wheat in the market through OMSS (D) scheme within a span of two months through multiple channels will have wider reach as well as immediate impact on the soaring Wheat and Atta prices and will help containing the rising prices and will bring much relief to the common man," the statement added.
To address the rising price of wheat and its derivative wheat flour in the country, Group of Ministers headed by Union Home Minister Amit Shah met on Wednesday and discussed the buffer stock position of the foodgrain.
In order to have a quick impact on the rising prices, the following options to offload wheat to the market were approved by the Committee of Ministers.
Wheat will be offered to the flour millers, and bulk buyers through e-auction for a maximum quantity of 3,000 tonnes per buyer, per auction, from an FCI Region under e-auction.
Wheat will also be offered to state governments and UTs for their schemes without e-auction.
Also, wheat will be offered at a concessional rate of Rs 2,350 per 100 kg to govt PSUs/cooperatives/Federations, Kendriya Bhandar/NCCF/NAFED without e-auction.
"The sale under this special scheme will be subject to the stipulation that the buyer will convert wheat to atta and offer it to the public at a Maximum Retail Price of Rs 29.50 per kg," the statement from the government said.
FCI will start the process of e-auction of stocks immediately, it added.