Bidders are now allowed to bid for any quantity of rice from 1 to 2000 MT
To increase the availability of wheat and rice in the open market to ameliorate inflationary trends in wheat and rice prices, the Food Corporation of India, as per the directions of Govt. of India is offloading wheat and rice in the market through weekly e-auctions.
Wheat
The government of India has allocated 101.5 LMT wheat for offloading under OMSS (D). The reserve price for the FAQ wheat and URS wheat has been kept as Rs. 2150/ Qtl and Rs. 2125/Qtl respectively. Till 14.12.23, a total 25 e-auctions have been conducted wherein 48.12 LMT wheat has been sold in the open market.
In addition to the above, Govt. of India is also providing wheat to the Semi-government/Cooperative agencies like NAFED/NCCF/Kendriya Bhandar/MSCMFL at Rs. 21.50/Kg for converting into atta and selling to the general public at an MRP not exceeding Rs. 27.50/Kg. Till 14.12.23, 86084 MT wheat has been lifted by these agencies.
Rice
Good procurement and stock of rice with FCI will be utilized to cater to the PDS requirement as well as for market intervention. For rice, GOI allocated 25 LMT under OMSS (D) with a reserve price of Rs. 3100/Qtl. Through e-auctions, rice is offered at Rs. 2900/Qtl, with a Rs. 200/Qtl differential cost covered by the Price Stabilization Fund.
Remarkably, 1.19 LMT of rice has been sold in the open market to private traders and bulk buyers as of 14.12.23, a substantial increase compared to previous years. FCI Regional Offices actively promoted this initiative through extensive advertising.
However, to encourage greater participation, bidders are now allowed to bid for any quantity of rice from 1 to 2000 MT. The rice offered under the Central pool is of excellent quality, and traders are invited to actively engage in e-auctions to ensure easy and affordable availability for consumers in the market.