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FCI hikes prices of wheat sold under OMSS by 10% to Rs 1,285 a quintal

30 Jul 2012 Evaluate

The Food Corporation of India (FCI) has increased the prices of wheat being sold to bulk consumers under the Open Market Sale Scheme (OMSS) by 10% to Rs 1,285 a quintal. The FCI has taken this step since the prices in the open market were ruling higher than Rs 1,170 per quintal.

Under OMSS, the Empowered Group of Ministers (EGoM) last month had approved the sale of 3 million tonnes of wheat to bulk users such as flour millers and biscuit makers. Pursuant to this, FCI, the nodal agency for procurement and distribution of foodgrains, had issued tenders for 13 lakh tonne wheat to be sold during July-September at a base price of Rs 1,170 a quintal.

The EGoM in the last meeting had ordered that during July-September period wheat should be sold at Rs 1,170 per quintal while from October onwards it should be sold at Rs 1,285 per quintal. But the Food Ministry took a decision to implement the price of Rs 1,285 per quintal from now itself. However, the sale of wheat has not been suspended under OMSS and out of 13 lakh tone, FCI has managed to sell nearly 7 lakh tonne of wheat through two tenders so far while the rest will continue for now.

Besides, FCI has not floated fresh tenders till now as it has sought clarity from Food Ministry on allocation of quantity to those states, which have already exhausted their quota in the first two tenders. The states of Punjab (0.1 million tonne), Andhra Pradesh (18,978 tonne), West Bengal (11,563 tonne), Chattisgarh (10,823 tonne), Assam (10,186 tonne), Rajasthan (5,234 tonne) and Jharkhand (400 tonne) are the ones which have already exhausted the entire allocated quantity. On the other hand, Karnataka, Delhi and Jammu and Kashmir (J&K) are the ones where the sale of wheat under OMSS have been slow despite been allocated with maximum quantity of wheat.

Due to record production and procurement in the last few years the government’s stock have risen sharply and the godowns has been overflowing with record 82 million tonne foodgrains as against the storage capacity of 64 million tonne. The government has allowed wheat sale to bulk users under the OMSS to clear surplus foodgrains stocks lying in its godowns.

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FCI hikes prices of wheat sold under OMSS by 10% to Rs 1,285 a quintal

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