FCI sells 8.88 lakh tonne wheat at first auction to contain prices

New Delhi [India], February 2 (ANI): Food Corporation of India offered 22.0 lakh tonne wheat in first e-auction from the Central pool through the open market sale that took place on Wednesday.
Of which, a quantity of 8.88 lakh tonne was sold across 22 states, a government release on Thursday.
On January 25, the government said FCI will offload 30 lakh tonnes of wheat from the central pool in the markets under the Open Market Sale Scheme, within the next two months, for containing the rising domestic prices of the staple foodgrain.
The first e-auction was held on Wednesday. More than 1,100 bidders came forward to participation in the first e-auction, the release said.
Further sales of wheat through e-auction will continue throughout the country every Wednesday till the second week of March 2023, the release said.
Moreover, the government has reserved 3 lakh tonne wheat to PSUs/cooperatives/Federations like Kendriya Bhandar, NCCF and NAFED for sale without e-auction at the concessional rate of Rs 2,350 per 100 kg for converting wheat to Atta and offer it to public at an Maximum Retail Price of Rs 29.50 per kg.
NCCF has been allowed to lift 50,000 tonne of Wheat stock across 7 states. Allotment of 1 lakh tonne Wheat is made to NAFED and 1 lakh tonne to Kendriya Bhandar to bring down the price of Atta across the country.
"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 an immediate impact on the soaring wheat and Atta prices and will help contain the rising prices and will bring much relief to the common man."
In order to address the rising price of wheat and Atta in the country, the Group of Ministers headed by Home Minister Amit Shah made some recommendations which are being followed by the Department of Food and Public Distribution. (ANI)