In a major transfer, the federal government has slashed the value 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), based on an announcement from the Ministry of Meals and Public Distribution.
The revised pricing goals to assist ethanol manufacturing and make sure the availability of rice for numerous 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 resolution will assist keep satisfactory inventory ranges and ease provide chain issues. Additionally it is anticipated to encourage ethanol manufacturing, in keeping with the nation’s Ethanol Mixing Program (EBP) to attain power safety and scale back dependency on fossil fuels.
Additional particulars on implementation and distribution mechanisms are awaited.