IAS Gyan

Daily News Analysis


22nd December, 2023 Economy


Copyright infringement not intended

Picture Courtesy: tractornews.in

Context: The Government of India has been conducting weekly e-auctions of wheat and rice to regulate the retail prices of these essential commodities. The latest e-auction, the 26th one, took place on 20th December 2023, where 4 lakh metric tonnes (LMT) of wheat and 1.93 LMT of rice were put up for sale.

Key Highlights

  1. The e-auction saw a good response from the bidders, who bought 3.46 LMT of wheat and 13164 metric tonnes (MT) of rice at an average price of Rs 2178.24 per quintal for wheat and Rs. 2905.40 per quintal for rice.
  2. The Government has also introduced some new measures to prevent the misuse of the e-auction scheme and to ensure that the wheat and rice sold under the Open Market Sale Scheme (Domestic) or OMSS (D) are reaching the consumers. To ensure that the bidders are not hoarding the stocks and are processing and releasing them in the open market as per the terms and conditions of the OMSS (D).
  3. The Government is committed to ensuring food security and price stability in the country and will continue to monitor the situation and take appropriate steps as required.

Must Read Articles:

Open Market Sale Scheme: https://www.iasgyan.in/daily-current-affairs/open-market-sale-scheme-omss


Q. How does the Open Market Sale Scheme in India aim to regulate the distribution and pricing of essential commodities, and what measures are implemented to ensure its effectiveness in the market?