Government Allows Retail Sale of Rice at Rs 29/kg from Next Week to Monitor Price Increase
Published on: February 8, 2024.
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Government Announces Retail Sale of Rice at Affordable Price
The government has recently made an important announcement regarding the retail sale of rice in an effort to control the rising prices of the staple food. Due to a 14.5% increase in retail prices and a 15.5% increase in wholesale prices over the past year, the government has taken action to address this issue and make rice more affordable for consumers.
The retail sale of rice will be conducted under the brand name ‘Bharat Rice’ and it will be sold at the rate of Rs 29 per kg. This initiative aims to provide relief to consumers who have been affected by the rising prices of rice. To ensure that rice is accessible to a wide range of consumers, it will be available in 5kg and 10kg bags.
Cooperatives Involved in the Retail Sale
The retail sale of ‘Bharat Rice’ will take place through three cooperatives, namely the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), the National Cooperative Consumers’ Federation of India (NCCF), and Kendriya Bhandar. These cooperatives will play a crucial role in ensuring the smooth distribution of rice to consumers at the affordable price of Rs 29 per kg.
Efforts to Control Inflation and Speculation
In addition to the retail sale of rice, the government is also taking steps to manage overall food inflation and prevent unscrupulous speculation. Traders, wholesalers, retailers, big chain retailers, processors, and millers have been instructed to declare their stock of rice and paddy. This transparency in stock declaration aims to regulate the market and prevent any unwarranted price fluctuations.
The declaration of stock position of rice and paddy must be made in categories such as broken rice, non-basmati white rice, parboiled rice, basmati rice, and paddy. Entities involved in the rice trade are required to update their stock position every Friday on the portal of the Department of Food and Public Distribution.
Affordable Rice Available Through Retail Vans and E-commerce Platforms
The retail sale of ‘Bharat Rice’ will initially be conducted through mobile vans and physical outlets of the three central cooperative agencies. However, the government plans to make this affordable rice available through other retail chains, including e-commerce platforms, in the near future. This expansion in distribution channels will ensure that consumers can easily access rice at the affordable price of Rs 29 per kg.
Previous Steps Taken to Increase Rice Sales
The government has been implementing various measures to address the rising prices of rice. Despite a good crop this Kharif season and ample stocks with the Food Corporation of India (FCI), domestic rice prices have been increasing. To boost rice sales in the open market, the government has reduced the reserve price of rice and revised the minimum and maximum quantity of rice for sale.
The efforts made by the government have been successful, with a record sale of 1.66LMT rice under the Open Market Sale Scheme (OMSS). This initiative has helped increase the availability of rice in the market and meet the demands of consumers.
The government’s decision to provide rice at an affordable price through the retail sale of ‘Bharat Rice’ will greatly benefit the consumers, especially those who have been affected by the rising prices of this essential food item. The involvement of cooperatives and the transparency in stock declaration will contribute to a well-regulated market and prevent any unfair practices.
Source: Indian Express
