FCI to sell 10 MT of Wheat to bulk purchasers in FY20

FCI to sell 10 MT of Wheat to bulk purchasers in FY20

by admin- Tuesday, May 7th, 2019 07:24:57 PM

Saddled with massive inventory, country-run FCI has decided to sell 10 million tonne of wheat to bulk clients this financial, over forty% extra than the previous year, in keeping with a government order.

The government is supplying wheat at a base price of Rs 2,080 per quintal for three predominant wheat-producing states — Punjab, Haryana and Madhya Pradesh, while for different states the freight fees at Ex-Ludhiana may be delivered to the bottom charge.

The Food Corporation of India (FCI), the authorities’s nodal employer for procurement and distribution of grains, will sell wheat through an e-auction under the open market sale scheme (OMSS) all through the economic besides in the course of procurement duration in wheat growing states, it delivered.

“Quantum of sale of wheat has been fixed at a hundred lakh tonne. It might also, however, be reviewed by means of the Department of Food and Public Distribution, if offtake is more,” the meals ministry’s order said.

The base rate may be elevated by using Rs 55 in step with quintal inside the subsequent quarters of the economic, it stated.

Currently, the FCI is sitting on a big inventory of over forty million tonne of wheat. This includes old inventory of sixteen million tonne until April 1 and 24.2 million tonne of new grain from the continued procurement, as in step with the official records.

The organization has set the wheat procurement target at 35.7 million tonne for the 2019-20 marketing 12 months (April-March) on hopes of a file 100 million tonne manufacturing this year.

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