The government has sold 3.46 lakh tonnes of wheat and 13,164 tonnes of rice through e-auctions to bulk consumers as part of its effort to boost domestic supplies and control retail prices.
The government is selling wheat and rice from its buffer stocks to keep retail prices under control under the
Cereal prices in November rose to 10.27% pushing the food inflation to 8.70% in November, against 6.61% reported the previous month. Food inflation accounts for nearly half of the overall consumer price basket. An increased acreage of wheat would help shore up governments stocks, which are at a seven-year low, helping it in managing inflation as it gears up for the general elections in 2024.
The government is selling wheat and rice from its buffer stocks to keep retail prices under control under the Open Market Sale Scheme (OMSS). Food Corporation of India (FCI), the government s nodal agency for food grains procurement and distribution, is conducting the e-auctions.
FCI sale of wheat in open market tops 5 million tonnes - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.