Last updated: February 21, 2023, 4:49 PM IST
The center announced on Tuesday that it will unload another 20 lakh tons of wheat into the open market to drive down prices of wheat and wheat flour.
On January 25, the center had announced the sale of 30,000 tons of wheat on the open market from its buffer stock to counter the rise in wheat and wheat flour (atta) prices.
According to an official statement, the government has decided that the state-owned Food Corporation of India (FCI) will unload an additional 20 lakh tonnes of wheat into the open market under the Open Market Sale Scheme (OMSS).
Stocks will be offered for sale via e-auction to flour mills/private traders/wholesale buyers/manufacturers of wheat products.
The proposal to sell shares on the open market was taken by a group of ministers, sources said.
So far, it has been decided to unload 50 lakh tons (30 + 20 lakh tons) of wheat under the OMSS. The reserve price reduction along with the additional unloading of 20,000 tons of wheat will collectively help lower the market price of wheat and wheat products to consumers,” the statement said.
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(This story has not been edited by News18 staff and was published from a syndicated news agency feed)