The Food Corporation of India (FCI) sold 3.85 LMT wheat through its second e-auction, generating Rs. 901 crore. The sale of wheat through e-auction will continue every Wednesday till the second week of March 2023 to address the rising prices of wheat and atta. Additionally, the government allocated 3 LMT wheat to various PSUs/cooperatives/federations for sale without e-auction and the concessional rates for wheat and atta under this scheme have been revised.
The highest demand during the e-auction was for quantities ranging from 100 to 499 MT, indicating that small and medium flour millers and traders actively participated. The allocation of wheat to government PSUs/cooperatives/federations at concessional rates is aimed at benefiting the general public by bringing down the prices of wheat and atta. This may also indirectly benefit farmers by creating demand for their wheat crop and ensuring a stable market price for their produce. This can provide a stable source of income for farmers and promote agricultural growth in the country.
In general, the initiatives taken by the FCI and the government to enhance the availability and affordability of wheat and flour appear to have the potential to benefit India’s food economy. These actions could mitigate the financial strain on the public, particularly with the surge in food prices, by regulating prices and increasing accessibility to a broader segment of consumers.
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