The govt. decided to dispose of 50 lakh tonnes of wheat under open market sale scheme (OMSS) at reduced prices by September even as it admitted that it could sell only a negligible amount so far. The govt. had brought down the selling price under the scheme from Rs.700 a quintal to Rs.650 last week, but wheat prices further dipped, virtually rendering the OMSS ineffective, as reported. The consumer affairs and PDS minister reported that it is already decided of selling the entire wheat stock through the scheme at revised prices of Rs.650 a quintal in Punjab and between Rs.720-740 a quintal in other zones before the commencement of the next procurement season in October. Further added that the prices were fixed on the basis of the economic cost of wheat in Punjab after deducting the carrying cost of Rs.2, 200 a tonne per year for eight months, in consultation with the ministry of finance. The Centre had announced the OMS scheme in July to dispose of its excess buffer stocks but had been unable to sell wheat despite a Rs.200 a tonne cut on procurement price. |
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