Food Corporation of India through e-auction is offloading wheat and rice in the market

Food Corporation of India (FCI) through e-auction is offloading wheat and rice in the market to increase the availability in open market and to ameliorate inflationary trends in prices

In 25 e-auctions, 48.12 LMT wheat sold in the open market under Open Market Sale Scheme (Domestic)

Bidders allowed to bid for any quantity of rice from 1 to 2000 MT during e-auctions

The Food Corporation of India is holding adequate food grains (wheat and rice) to cater to the Public Distribution System (PDS), demands as well as for market intervention. As on December 14, 2023, availability of food grains in the central pool is as under.

In order to increase the availability of wheat and rice in the open market to ameliorate inflationary trends in wheat and rice prices, Food Corporation of India, as per the directions of Government of India is offloading wheat and rice in the market through weekly e-auctions. Current phase of offloading of wheat in the open market started from June 28, 2023.

Government of India has allocated 101.5 LMT wheat for offloading under OMSS (D). Reserve price for the FAQ wheat and URS wheat has been kept as Rs 2150/ Qtl and Rs 2125/Qtl respectively. Till December 14, 2023, 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 December 14, 2023, 86084 MT wheat has been lifted by these agencies.

Good procurement and stock of rice with FCI will be utilised 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 December 14, 2023, a substantial increase compared to previous years. FCI Regional Offices actively promoted this initiative through extensive advertising.

Regular advertisement is being done to ensure that benefits of the OMSS (D) policy can be availed by the general public. All traders and any business person involved in Rice trading and processing can participate in such e-auctions after registering with FCI/m- junction portal.

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.

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