FCI earns Rs 9,310 cr by selling 5.8 MT of wheat under OMSS

Tags: FCI, Agriculture
State-owned Food Corporation of India (FCI) has earned Rs 9,310 crore by selling wheat under the open market sale scheme (OMSS) in 2013-14.

The Corporation, however, was able to sell only 5.8 million tonnes (MT) of wheat under this scheme at the end of 2013-14 against the target of 8.5 MT, sources said.

The average price realised from the sale was Rs 1,602.85 per quintal, they added.

The reserve price under OMSS was fixed at Rs 1,500 per quintal plus applicable taxes and other levies in case of Punjab, Haryana and Chandigarh.

While, in respect of other states the freight cost from Ludhiana to the concerned state was added to Rs 1,500 for the purpose of fixing the reserve price.

The maximum quantity of wheat sale was in Haryana at of 1.13 MT, followed by Punjab with 7.63 lakh tonnes, Delhi with 7.6 lakh tonnes and Haryana with 6.24 lakh tonnes.

The amount realised from the sale of wheat could be of some help to the FCI at a time when it is facing liquidity crunch and has food subsidy dues of about Rs 50,000 crore.

The government pays bulk of food subsidy to FCI as it is the nodal agency with the primary task of purchasing and ensuring effective prices to farmers. It also ensures required supply of food grains at cheaper rates throughout the country.

In September last year, the government had allowed FCI to sell wheat stocks under OMSS it has excess of stock of the grain.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • State-owned banks can ride technology surge to penetrate retail segment

    For the first time in recent history, two large private sectors banks, ICICI and Axis have reduced their headcounts.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

The rabbit hole of outcome budgets

Would you tell me, please, which way I ought to ...

Zehra Naqvi

Dignity of labour is dignity of life

M Rafi Khan, a retired police IG, used to ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture