FCI sells 3.85 LMT wheat stock for Rs 901 crore to arrest rising prices of flour
The Food Corporation of India (FCI) sold out 3.85 LMT wheat through e-auction with aim to address the rising price of wheat flour all across the country. The FCI generated Rs. 901 Cr through the e-auction. The Govt. of India has revised the price of wheat to Rs 21.50/Kg with instructions that sale of wheat flour from such stock should not exceed Rs 27.50 per Kg.
At this auction, the FCI had allowed National Cooperative Consumers’ Federation of India Limited (NCCF) to lift 68000 MT of Wheat stock across eight states. Moreover, NAFED has been allotted 1 LMT wheat while 1.32 LMT wheat has been made available made to Kendriya Bhandar.
As per the FCI, the offloading of more than 25 LMT wheat stock has been earmarked for sale in the market under OMSSD (D) within a span of two months. The sale has to happen through multiple channels to contain the rising price trend of both Wheat and Flour. The move is intended to stabilize the price of the food to bring relief to the common man.
