Indian Economy News

18.05 LMT wheat has been sold in the open market in three e-auctions

After the Government of India decided to increase wheat supply in the market by selling 30 lakh metric tonnes (LMT) to reduce sharply rising prices of wheat and atta that negatively impacted consumers across the nation, the Food Corporation of India (FCI) sold 18.05 LMT wheat in the open market. It should be mentioned that approximately 11 lakh MT of wheat has already been lifted by winning bidders and are on the market.

With the continuous efforts and initiatives of the Centre, the government has led to cooling off the rising prices of wheat and atta in the markets throughout the country. The advantage of the heavily subsidised sale of wheat under the Open Market Sales Scheme, Domestic, or OMSS (D), has been guaranteed by Roller Flour Millers and traders during an interaction.

FCI sold about 5.07 Lakh MT wheat in its third e-auction to 1,269 bidders at a weighted average price of US$26.24/qtl (Rs. 2,172/qtl) through 620 locations in 23 states. In the third auction, FCI offered 11.79 Lakh MT wheat on February 22, 2023, for sale in the open market. Open sale of wheat through e-Auction would take place every Wednesday till March 15, 2023, to augment wheat availability and safeguard the interests of consumers.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.