CURRENT AFFAIRS
CURRENT AFFAIRS
Description
To combat rising rice prices, the Government of India is considering a strategic move selling rice under the 'Bharat' brand, a proposal that is currently being considered. While the discounted rate for this initiative has yet to be determined, it represents an important step forward in the government's efforts to stabilize retail rice prices.
The Issues With OMSS
The Ministry's efforts to reduce retail rice prices by increasing domestic availability through the Open Market Sale Scheme (OMSS) have met with a lukewarm response.
The Food Corporation of India (FCI) has been offering quality rice at a reserve price of 29 per kg under OMSS.
The program, however, has not produced the desired results, prompting the government to consider alternative strategies such as selling rice under the 'Bharat' brand.
'Bharat Rice' Proposal
The proposal to sell 'Bharat rice' in stores is on the table, but the critical issue of determining the selling price has yet to be resolved.
According to the official, whether the rice is sold at the current reserve price or at a reduced rate is up to the Group of Ministers.
This discussion emphasizes the significance of striking a balance between making rice more affordable for consumers and ensuring the initiative's financial viability.
Developing The 'Bharat' Brand
Under the 'Bharat' brand, the government has already begun selling essential commodities such as wheat flour (atta) and pulses.
These products are distributed through outlets run by key organizations like the National Agricultural Cooperative Marketing Federation of India (NAFED), the National Cooperative Consumers' Federation (NCCF), and Kendriya Bhandar.
The addition of rice to the 'Bharat' brand aligns with the government's broader strategy to provide essential food items to the masses at affordable prices.
The OMSS Performance Of FCI
The Food Corporation of India (FCI) has had difficulty selling rice through OMSS, selling only 3.04 lakh tonnes so far this year.
The nodal agency has been more successful in selling wheat, with 82.89 lakh tonnes sold through OMSS.
The disparities in rice and wheat sales performance highlight the importance of targeted interventions to address the specific challenges posed by rice inflation.
Government Concerns About Rising Rice Inflation
With rice inflation currently at 13% year on year, the government is growing increasingly concerned about the impact of key food prices on the economy, particularly as the 2024 general elections approach.
- The proposed sale of 'Bharat rice' is a proactive measure to mitigate the effects of inflation on an essential staple in the Indian diet.
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