India is set to tackle soaring rice prices by introducing a new initiative selling rice under the 'Bharat' brand at a fixed rate of Rs 25 per kilogram. This move aims to counter the double-digit inflation affecting rice prices, as revealed by a high-ranking government official.

The rice will be made available for purchase through various outlets, including the National Agricultural Cooperative Marketing Federation of India (Nafed), National Cooperative Consumers’ Federation (NCCF), and Kendriya Bhandar outlets. The government's decision to sell rice under the Bharat brand follows its successful selling of atta (flour) and pulses under the same initiative.

The prices of cereals surged by 10.27% in November, contributing to an overall food inflation rate of 8.70% for the same month. This spike in food prices significantly impacts almost half of the entire consumer price index.

While the government has managed to stabilize escalating wheat prices by increasing its supply through e-auctions conducted by the Food Corporation of India (FCI), the uptake of rice has been notably low.

The increasing inflation in essential cereals poses a potential challenge for the government, particularly with the upcoming general elections slated for 2024.

Moreover, the FCI recently made amendments to its rules under the Open Market Sale Scheme (OMSS) for rice, relaxing certain regulations. Bidders can now bid for a minimum quantity of 1 metric ton and a maximum of 2000 metric tons. These modifications aim to boost rice sales through OMSS, thereby augmenting the grain's availability in the market.

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