In its first e-auction, FCI sells 8.88 lakh metric tonnes of wheat.

The government decided a few days ago to sell wheat from the central pool on the open market to keep prices from going up. On Thursday, the Union Food Ministry said that the Food Corporation of India sold 8.88 lakh metric tonnes (LMT) in the first online auction.

“Food Corporation of India offered 22.0 LMT out of 25 LMT,” the ministry said in a statement. Wheat stock set aside for the first e-auction on February 1, 2023. This wheat will come from the central pool stock and go to the market through different routes under the Open Market Sale Scheme (Domestic). More than 1,100 people signed up to take part in the first online auction. On the first day of the e-auction, 8.88 LMT were sold in 22 states. Bidding would be held in Rajasthan on February 2, 2023.”

The statement also said that wheat will continue to be sold through e-auctions all over the country every Wednesday until the second week of March 2023.

The statement went on to say, “Govt. of India has reserved 3 LMT wheat to Govt. PSUs/cooperatives/federations like Kendriya Bhandar, NCCF and NAFED for sale without e-auction at the concessional rate of Rs 2,350/Qtls for converting wheat to atta and selling it to the public at a maximum retail price of Rs 29.50 per kg. Under the above scheme, NCCF has been given permission to take 50,000 MT of wheat stock from 7 states. Under this scheme, 1 LMT of wheat is given to NAFED and 1 LMT is given to Kendriya Bhandar in order to lower the price of atta all over 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 immediate impact on the soaring wheat and atta prices and will help contain the rising prices and bring much relief to the common man,” the statement said.

Last week, the government decided to sell 30 lakh metric tonnes of wheat from the central pool stock on the market under the Open Market Sale Scheme (Domestic) to stop prices from going up.

The decision was made after a group of ministers, led by the Home Minister Amit Shah, met earlier in the day to talk about the rising prices of wheat and atta and the country’s buffer stock situation. When compared to a year ago, the price of ata, or wheat flour, has gone up by 20%.

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