Focus: GS II: Government Schemes
Why in News?
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).
About Open Market Sale Scheme (OMSS)
- The Food Corporation of India (FCI) regularly conducts e-auctions to dispose of surplus stocks of wheat and rice.
- The purpose of the Open Market Sale Scheme (OMSS) is to enhance the supply of food grains, as well as to regulate prices in the open market.
- FCI conducts weekly auctions for OMSS wheat on the National Commodity and Derivatives Exchange Limited (NCDEX) platform.
- NCDEX is a commodity exchange platform in India that provides trading opportunities for various agricultural and other commodities.
Food Corporation of India
- The Food Corporation of India (FCI) is a government-owned corporation that manages the food security system in India.
- FCI was established in 1965 under the Food Corporation’s Act 1964 with the main objective of ensuring adequate availability of food grains throughout the country and maintaining price stability in the market.
- FCI also maintains buffer stocks of food grains to ensure food security during times of scarcity or crisis.
- FCI is responsible for distributing foodgrains throughout the country for public distribution system.
- As part of its activities, FCI conducts e-auction as one of the methods to dispose of its surplus food grains.