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Rice News - Government Rice Sales Reached 9.53 Lakh tonnes Under OMSS
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Government Rice Sales Reached 9.53 Lakh tonnes Under OMSS

Under the Central Government's Open Market Sale Scheme (OMSS), about 9.53 lakh tonnes of rice were sold till the previous week during the current financial year. The government has set a target of selling 50 lakh tonnes of rice for the entire financial year under this scheme and has fixed the minimum reserve price (reserve price) of the sale of this rice at Rs 2250 per quintal. Since the market price of rice is running below this, private traders are showing little interest in purchasing government rice. During two initial weekly auctions of October 2020, private traders or bulk consumers did not buy government rice at all and in the third week also only 20 tonnes of rice has been bought. Earlier, private traders had purchased 170 tonnes in September, 160 tonnes in August and just 30 tonnes of government rice in July.