The government is exploring an option to sell FCI rice under the 'Bharat' brand to control the inflation of rice prices. However, the discounted rate for the proposed rice has not yet been decided, according to a food ministry official. The Ministry's efforts to control retail rice prices by distributing FCI rice via e-auction under the Open Market Sale Scheme (OMSS) have not received a positive response.
The official stated that there is a proposal to retail 'Bharat rice', but the price has not yet been decided. The Food Corporation of India (FCI) offers quality rice at a reserve price of Rs 29 per kg under the OMSS. The official added that the Group of Ministers must take the decision to sell 'Bharat rice' at the same rate or at a reduced rate.
Do Not Miss | How the government launched its own Bharat brands to keep food grain prices under control
The government is already selling wheat flour (atta) and pulses under the Bharat brand through outlets managed by the National Agricultural Cooperative Marketing Federation of India (NAFED), National Cooperative Consumers' Federation (NCCF), and Kendriya Bhandar. However, FCI has been able to sell only 3.04 lakh tonnes of rice under OMSS so far this year. In the case of wheat, the nodal agency has sold 82.89 lakh tonnes of wheat under OMSS, according to official data.
Also Read | Agri exports relying on 5 items makes sector vulnerable to fluctuations in global prices, demand: GTRI
The government is concerned about key food prices ahead of the 2024 general elections as rice inflation is at 13% year-on-year.
Check Free Credit Score on Moneycontrol: Easily track your loans, get insights, and enjoy a ₹100 cashback on your first check!
