Open market sale of wheat to contain prices to begin on Feb 1

New Delhi [India], January 27 : The Food Corporation of India (FCI) will commence the open market sale of wheat to cool down its domestic prices starting February 1.
Ministry of Consumer Affairs, Food and Public Distribution earlier this week announced it will offload 30 lakh tonnes of foodgrain from the central pool in the markets to contain domestic prices.
It was 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 food department had said in a statement on Wednesday.
In the open market, 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, Wednesday's statement said.
For state governments and UTs, wheat will also be offered for their welfare 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.
"Stocks are offered from all States of the Country to ensure that the rising prices are controlled immediately," the food department said in another statement on Friday evening.
Since its inception in 1965, FCI has made a significant contribution to realizing the dream of making India a self-sufficient country in terms of food. Cut to today, it procures around 1,300 lakh tonne (LMT) foodgrains (wheat and paddy included) annually against a mere 13 LMT procured during 1965.