Authorities reduces FCI rice value by Rs 550 per quintal beneath open market sale scheme – India TV

In a big transfer, the federal government has slashed the worth of rice procured by the Meals Company of India (FCI) by Rs 550 per quintal. The brand new value, set at Rs 2,250 per quintal, will profit state governments and ethanol producers beneath the Open Market Sale Scheme (OMSS), in line with a press release from the Ministry of Meals and Public Distribution.

The revised pricing goals to assist ethanol manufacturing and make sure the availability of rice for varied state welfare applications. This initiative is a part of the federal government’s technique to stabilize rice markets and promote biofuel initiatives.

The Meals Ministry famous that this choice will assist preserve sufficient inventory ranges and ease provide chain issues. It’s also anticipated to encourage ethanol manufacturing, consistent with the nation’s Ethanol Mixing Program (EBP) to attain power safety and cut back dependency on fossil fuels.

Additional particulars on implementation and distribution mechanisms are awaited.