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Govt further reduces reserve price of FCI wheat to Rs 2,150 per quintal under OMSS to check prices

20 Feb 2023 Evaluate

In a bid to check prices, the government has further reduced the reserve price of Food Corporation of India (FCI) wheat to Rs 2,150 per quintal for bulk consumers under the Open Market Sale Scheme (OMSS). According to the food ministry, the reserve price of fair and average quality (FAQ) wheat has been reduced to Rs 2,150 while for Under Relaxed Specifications (URS) wheat to Rs 2,125 per quintal. These rates will be applicable till March 31. FCI is offloading 25 lakh tonnes of wheat to bulk users under the OMSS. The ministry said ‘reduction in reserve price will help in reducing market price of wheat and wheat products for consumers’.

States are allowed to purchase wheat from FCI for their own scheme at above proposed reserve prices without participating in e-auction. On February 10, the ministry had done away with freight charges and kept the reserve price of FCI wheat uniformly at Rs 2,350 per quintal to bulk users pan-India through e-auction. It had also reduced the price of FCI wheat offered to institutions like Nafed, NCCF and Kendriya Bhandar to Rs 21.50 per kilogram from Rs 23.50 per kg. These institutions were offered wheat for converting the grain into flour and sell it at a maximum retail price of Rs 27.50 per kilogram instead of Rs 29.50 per kg.

FCI has already sold 13.11 lakh tonnes of wheat out of 25 lakh tonnes to traders, to flour mills etc. in the course of the first two e-auctions held during February 1-2 and 15. The next auction will be held on February 22. Under the OMSS policy, the government allows FCI to sell food grains, especially wheat and rice, at predetermined prices in the open market from time to time to bulk consumers and private traders. The purpose is to boost the supply during the lean season and moderate the general open market prices.

India's wheat production fell to 106.84 million tonnes in the 2021-22 crop year (July-June) from 109.59 million tonnes in the previous year due to heat waves in a few states. The procurement fell sharply to 19 million tonnes this year from around 43 million tonnes last year. However, wheat production this year is projected to be at a new record of 112.18 million tonnes. The procurement of new wheat crop would commence from March 15.

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Govt further reduces reserve price of FCI wheat to Rs 2,150 per quintal under OMSS to check prices

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