The government will sell 20 lakh tonnes of additional wheat to curb inflation, the Center had announced to sell in the open market

Posted on 22nd Feb 2023 02:04 pm by rohit kumar

Under the Open Market Sale Scheme (OMSS), the central government on Tuesday announced to sale of another 20 lakh tonnes of wheat. This sale is being done in the open market to curb the rising prices of wheat and flour. Along with this, the flour mills have been asked to cut the wholesale price. Earlier on January 25, the Center had announced to sell off 30 lakh tonnes of wheat in the open market.

 

The decision to sell 50 lakh tonnes of wheat in the open market

This additional wheat will be sold through e-auction through FCI to flour millers, private traders, bulk buyers, and manufacturers of flour products, according to a statement. According to sources, the decision to sell the surplus wheat in the open market was taken by the GoM. According to the statement, it has been decided to sell a total of 50 lakh tonnes of wheat in the open market so far. The cut in reserve price and sale of excess wheat would help bring down the market price of wheat and flour.

 

Purchase of seven crore metric tonnes of paddy

In the current Kharif season, so far seven crore metric tonnes of paddy has been procured by the government. Consumer Affairs Ministry officials said that till February 20, farmers have been paid a minimum support price of Rs 1,45,845 crore for paddy procurement. This amount has been given to more than 96 lakh farmers.

 

Also Read: Slow economic growth is a challenge for all economies, and the risk of a falling global growth rate is not averted: IMF

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