Open Market Sale Scheme:
The Food Corporation of India (FCI) will off load 30 LMT wheat from the Central pool stock to the market through various routes under the Open Market Sale Scheme (Domestic).
- Wheat will also be offered to State Governments/UTs for their schemes without e-auction.
Open Market Sale Scheme (OMSS):
- FCI sells surplus stocks of wheat and rice at predetermined prices through e-auction in the open market from time to time to enhance the supply of food grains.
- The purpose of OMSS is to dispose of surplus stocks of wheat and rice held by FCI, and to regulate the prices of wheat in the open market.
- FCI conducts weekly auctions for the OMSS for wheat on the platform of the National Commodity and Derivatives Exchange Limited (NCDEX).
- NCDEX is a commodity exchange platform in India that provides a platform for trading in various agricultural and other commodities.
Food Corporation of India:
- The FCI is a government-owned corporation that manages the food security system in India.
- It was established in 1965 under the Food Corporation’s Act 1964 with the objective of ensuring adequate availability of food grains throughout the country, and to maintain price stability in the market.