Govt to sell ‘Bharat Rice’ in retail outlets from next week

The Centre on Friday 2  Feb  decided to sell rice under the ‘Bharat’ brand at ?29 per kg from next week directly to consumers in 5- and 10-kg packs through the cooperatives Nafed, NCCF, and Kendriya Bhandar.

This comes after its request to rice millers to bring down prices failed to yield the desired results. It has imposed the Essential Commodities Act to make it mandatory for traders to declare rice/paddy stocks every Friday in a designated portal, starting February 9.

Prices of rice have risen by 14.5 per cent in retail and 15.5 per cent in wholesale markets from a year ago, government data show.

Briefing media after the decision, Union Food Secretary Sanjeev Chopra said that “all options are open” to bring down the prices, when asked if the imposition of a stock limit on rice is the next step. Chopra emphasised that prices of all essential food items are under control except rice.

On market speculation that there may be a complete ban on the export of parboiled rice, he said there is no such plan, and its export until January 24 in the current fiscal has declined by six per cent from the April-January 2022-23 period.

Stressing that there is no plan to lift export restrictions on rice, he said the stock declaration would ensure that entities that are holding stocks for reasons best known to them are able to get this kind of a signal and release the stocks into the market which should cool down the prices.

BV Krishna Rao, President, The Rice Exporters Association, said supply side issues are to blame for the rise in rice prices.