Govt sells 2.84 lakh tonnes of wheat, 5,830 tonnes of rice from buffer inventory to test retail costs

The ministry mentioned that 2.84 lakh tonnes of wheat together with 5,830 tonnes of rice have been offered to 2,334 bidders.

As a part of the central authorities initiative for market intervention to manage the retail worth of rice, wheat and atta, weekly e-auctions of each wheat and rice are performed by the federal government.

The Meals Company of India, the federal government’s nodal company for procurement and distribution of meals grains, is offloading wheat from its buffer inventory beneath OMSS.

The ministry mentioned the weighted common promoting worth was Rs 2,246.86 per quintal for Honest Common High quality (FAQ) wheat in opposition to the reserve worth of Rs 2,150 per quintal pan India whereas weighted common promoting worth of Below Relaxed Specification (URS) wheat was Rs 2,232.35 per quintal in opposition to the reserve worth of Rs 2,125 per quintal.

Furthermore, 2.5 lakh tonnes of wheat have been allotted to semi-government and cooperative organisations like Kendriya Bhandar, NCCF, NAFED beneath OMSS (D) for changing wheat to atta and supply it on the market to the general public beneath ‘Bharat Atta’ model at a Most Retail Value (MRP) not exceeding Rs 27.50 per kilogram, the ministry mentioned. Until November 14 this 12 months, 15,337 tonnes wheat have been lifted by these three cooperative societies for additional conversion into atta.

Merchants are saved out of the ambit of wheat sale beneath OMSS (D) and until November 14, 1,917 random checks have been made throughout the nation as a way to keep away from hoarding of shares.