Representative file image. | Photo credit: PTI
On February 21, the Center announced that it would unload an additional 20 lakh tons of wheat on the open market to bring down the prices of wheat and wheat flour.
On January 25, the Center had announced the sale of 30 lakh tonnes of wheat on the open market from its buffer stock to control rising 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 (OMSS) scheme.
Stocks will be sold through electronic auctions to millers/private traders/bulk buyers/wheat product manufacturers.
The proposal to sell shares on the open market was taken up by a group of ministers, sources said.
“So far, it has been decided to offload 50 lakh tons (30+20 lakh tons) of wheat under OMSS. The reduction in the reserve price along with the additional unloading of 20 lakh tons of wheat will help collectively reduce the market price of wheat and wheat products for consumers,” the statement said.