FCI eases norm for rice OMSS to contain prices
FCI) has increased the bid quantity to 2,000 tonnes per bidder from 1,000 tonnes and the minimum bid quantity has been reduced to 1 tonne from 10 tonnes to encourage more participation of traders, processors and shopkeepers in the Open Market Sales Scheme for rice as inflation for the cereal touched 13% year-on-year.
Rice inflation is a concern, so we are relaxing the OMSS norms further to encourage more participation, said Ashok K Meena, chairman & MD, FCI on Friday.
The government has been selling rice in the open market since June, however, only 1.19 lakh tonnes has been sold so far. The government has decided to offtake 25 lakh tonnes of rice under the OMSS.
Rice is being offered for sale at Rs 2,900 per quintal through weekly e-auctions.
The disposal under OMSS was expected to increase the domestic supply putting a lid on rising prices of the cereal. However, it hasn’t found many takers.
Around 48.12 lakh tonnes of wheat have also been sold by the FCI in 25 e-auctions under the OMSS to contain the prices of wheat.
