Government sells 1.66 lakh metric tons wheat, 0.17 LMT rice in e-auction to reduce retail prices

New Delhi [India], September 11 (ANI): The Ministry of Consumer Affairs, Food & Public Distribution conducted its 11th e-auction of the 2023-24 fiscal year on September 6, 2023. During this auction, a substantial quantity of wheat and rice was made available for sale to various buyers across the country.
To combat inflation and ensure the availability of rice, wheat and atta to the general public at reasonable prices, the Government of India has been actively organizing weekly e-auctions.
In this latest round, a total of 2.0 LMT (Lakh Metric Tons) of wheat from 500 depots and 4.89 LMT of rice from 337 depots were offered for sale, read the Ministry of Consumer Affairs, Food and Public Distribution press release.
During the e-auction, 1.66 LMT of wheat and 0.17 LMT of rice were successfully sold. The weighted average selling price for FAQ wheat stood at Rs 2169.65 per quintal, surpassing the reserve price of Rs 2150 per quintal Pan India, read the press release.
For URS wheat, the weighted average selling price was Rs 2150.86 per quintal, exceeding the reserve price of Rs 2125 per quintal.
In the case of rice, the weighted average selling price was Rs 2956.19 per quintal, slightly above the reserve price of Rs 2952.27 per quintal Pan India, read the press release.
One notable feature of the current tranche of e-auctions is the strategic approach to encourage small and marginal end-users. To achieve this, a maximum limit of 100 tons for wheat and 1000 tons for rice per buyer has been imposed.
This decision aims to create a level playing field, allowing more participants to bid for quantities from their preferred depot.
To prevent hoarding and ensure fair practices, traders were excluded from wheat sales under the Open Market Sale Scheme (D), read the release.
Additionally, rigorous checks and inspections have been conducted at the Flour Mills of processors who have purchased wheat under the scheme, with 898 checks performed across the country as of September 5, read the release.
The Government's proactive measures through these e-auctions are intended to stabilize market prices and make essential food items more accessible to the general public, especially small consumers and end-users. (ANI)