NEW DELHI:The Central government on Tuesday, February 21 announced that  it will offload an additional 20.00 lakh tonnes of wheat in the open market to bring down the prices of wheat and wheat flour.

As per an official statement, the government has decided that state-owned Food Corporation of India will offload an additional quantity of 20 lakh tonnes of wheat in open market under the Open Market Sale Scheme (OMSS).

Earlier, on January 25, the Central government had announced sale of 30.00 lakh tonnes of wheat in the open market from its buffer stock to check rise in prices of wheat and wheat flour.

The proposal to sell stocks in the open market was taken by a group of ministers.  The stocks will be for sale through e-auction to flour mills/private traders/bulk buyers/manufactures of wheat products.

Thus far, 50 lakh tonnes  of wheat have been decided to be offloaded under the Open Market Sale Scheme . The reduction in reserve price along with additional offloading of 20 lakh tonnes of wheat will collectively help in reducing market price of wheat and wheat products for consumers," the statement said.

Food Corporation of India releases wheat and rice at predetermined prices in the open market from time to time to enhance the supply of wheat and rice especially during the lean season to moderate the open market prices.

Food prices are key to control retail inflation in Asia's third-largest economy as it accounted for nearly 40% of the consumer price inflation basket. 

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