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Rice News - Reserve Price of Rice with OMSS likely to Decrease by 11 percent
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Reserve Price of Rice with OMSS likely to Decrease by 11 percent

The Central Government is expected to cut the minimum reserve price (base reserve price) of rice by 11 percent under the Open Market Sale Scheme (OMSS). Presently, the reserve price of this rice is fixed at Rs 2250 per quintal, which can be reduced to Rs 2000 per quintal. In fact, the prices of rice in the domestic market are going down significantly compared to the government rice, while the supply of new kharif season has also started. Private traders and millers are not showing much interest in purchasing high-priced government rice. The government has set a target of selling 5 million tonnes of rice through OMSS during the current financial year, but only 9.85 lakh tonnes of rice could be sold from the third week of April to November 2020. Out of this, 9.44 lakh tonnes of rice were procured by the provincial governments while the private traders bought only 41 thousand tonnes of rice.