Wheat price will fall FCI is selling wheat at a lower rate on the open market

Selling price of FCI wheat in India: Modi’s central government has taken a concrete step to control rising wheat prices across the country. In the country, 9.2 lakh metric tons of wheat have been sold on the open market through Food Corporation of India’s electronic wheat auction. Because of this, the public has started to get benefits directly. Following this decision, wheat prices have fallen by more than 10 percent. Know what is the reason behind doing this….

Electronic wheat auction held throughout the country

The quantity of 100 to 499 million tons attracted the peak demand in the first week of electronic auctions conducted by the Food Corporation of India (FCI) this week. This was followed by auctions for a demand of 500-1 billion tons, followed by 50-100 million tons. Small and medium flour mills and traders have had a wide participation in this auction.

9.2 lakh tons of wheat sold

So far, in the first two days, 9.2 lakh tons of wheat have been sold to bulk users at an average rate of Rs 2,474 per quintal. Recently, the Center has decided to unload 3 million tons of wheat from the regulatory stock on the open market under the Open Market Sale Scheme (OMSS). Of which 25 lakh tons will be sold to bulk consumers, flour mills, 3 lakh tons to institutions like Nafed and the remaining 2 lakh tons to state governments.

The flour will be available for Rs 29.50 per kg.

‘Bharat Atta’ will be available at the government central store at a price of Rs 29.50 per kg. After reviewing the rise in flour prices, he gave instructions to increase the supply of flour. Arrangements will be made to deliver flour to the people via mobile vans. It has been set as a condition that as of February 6 Nafed sells flour at this price. Along with this, it will be necessary to write in bold the name and price of the flour.

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FCI gave information

FCI President Ashok K Meena had informed about this electronic auction. He had said that the first auction will be held on February 1, which will run until March 15. The wheat will be offered at a reserve price of Rs 2,350 per hundredweight plus shipping costs. A buyer can bid for a maximum quantity of 3,000 tons and a minimum of 10 tons. Small traders and small flour mill owners are expected to take advantage of this opportunity.

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