Centre sells 1.8 million tonne wheat under OMSS in 13 e-auctions

  • The government had on 9 August announced it would offload an additional 5 mt of wheat and 2.5 mt of rice to cool down prices

Livemint
Updated22 Sep 2023, 06:09 PM IST
In 13 e-auctions so far, the Centre has sold 1.8 mt of wheat from more than 480 depots. Photo by Madhu Kapparath
In 13 e-auctions so far, the Centre has sold 1.8 mt of wheat from more than 480 depots. Photo by Madhu Kapparath

New Delhi: The government sold 1.8 million tonne (mt) of wheat from the central pool to bulk buyers in 13 e-auctions under the open market sale scheme (OMSS), an official statement said on Friday.

The government had on 9 August announced it would offload an additional 5 mt of wheat and 2.5 mt of rice under the OMSS to bulk buyers to boost domestic availability and contain rising prices of the two key staples. This was over and above 1.5 mt of wheat and 500,000 tonnes of rice sales announced in June.

The Centre’s procuring agency Food Corporation of India (FCI) has been selling wheat and rice from the central pool to bulk buyers such as flour millers and small traders under the OMSS since 28 June through e-auctions.

Wheat is being sold through weekly e-auction at a reserve price of 2,125 per quintal, which is at par with the current minimum support price.

"The successful implementation of the OMSS policy has ensured that the prices of wheat are kept under control in the open market, and sufficient stock of wheat is available in the central pool for the continuation of OMSS policy for the remaining period of 2023-24," the food ministry said in a statement.

In 13 e-auctions so far, the Centre has sold 1.8 mt of wheat from more than 480 depots, it said.

“In each weekly e-auction conducted, the quantity sold has not crossed 90% of the quantity offered which shows that sufficient stocks of wheat are being offered across the country,” the release said.

The government has 26 mt of wheat in its central stock as of 1 September against the buffer norm of 30.7 mt, including operational stock and strategic reserve as of 1 October.

 

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First Published:22 Sep 2023, 06:09 PM IST
Business NewsNewsIndiaCentre sells 1.8 million tonne wheat under OMSS in 13 e-auctions

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