Centre to offload 75 lakh tons of wheat, rice combined to check price rise

New Delhi [India], August 9 (ANI): The central government has decided that the Food Corporation of India (FCI) shall offload 50 lakh tonnes of wheat and 25 lakh tonnes of rice in the open market in a phased manner under, the Union food ministry said in a release on Wednesday.
The reserve price will be Rs 2,900 per quintal. Notably, wheat prices have gone up by 6.77 per cent in the retail market and 7.37 per cent in the wholesale market. Similarly, rice prices in the retail market have gone up by 10.63 per cent and 11.12 per cent in the wholesale market.
The decision to offer wheat and rice under open market sale to private parties is to increase “availability, moderate the rise in market prices and control food inflation.”
“Stocks are offloaded under OMSS(D) from time to time to achieve multiple objectives including, inter-alia, disposal of excess stocks, reducing the carrying cost of foodgrains, enhance supply of foodgrains during lean season & deficit regions and to moderate the market prices,” the food ministry said. (ANI)