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DAILY NEWS ANALYSIS

  • 31 January, 2023

  • 5 Min Read

Open Market Sale Scheme

Open Market Sale Scheme

  • Under the Open Market Sale Scheme, the Food Corporation of India (FCI) will transport 30 LMT of wheat from the Central Pool Stock to the market (Domestic) via various routes.
  • Wheat will also be made available to State Governments and UTs for their programs without an electronic auction.

About An Open Market Sale Scheme (OMSS):

  • To increase the supply of food grains, FCI occasionally sells excess supplies of wheat and rice through an online auction at fixed prices.
  • The goals of OMSS are to dispose of excess wheat and rice stocks held by FCI and to control wheat market prices.
  • FCI runs weekly wheat auctions for the OMSS on the National Commodity and Derivatives Exchange Limited's platform (NCDEX).
  • Indian commodity exchange NCDEX offers a trading platform for a variety of agricultural and other commodities.

About India's Food Corporation:

  • FCI is an organization owned by the government and is in charge of overseeing India's system of food security.
  • It was founded in 1965 in accordance with the Food Corporation's Act of 1964 with the goals of providing appropriate access to food grains throughout the nation and preserving market price stability.
  • To provide food security in times of crisis or shortage, the FCI also keeps buffer inventories of food grains.
  • Foodgrains for the public distribution system must also be distributed around the nation by the FCI.
  • As another way to get rid of its extra food grains, FCI regularly holds e-auctions.

Read Also: Procurement Schemes in India: Government e-Marketplace

Source: News On Air


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