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Consider the following statements regarding Open Market Sale Scheme (OMSS).
- Under the Open Market Sale Scheme, the Food Corporation of India (FCI) from time to time sells surplus food grains from the central pool in the open market to traders, bulk consumers and retail chains.
- The main objective of OMSS is to curb food grain inflation.
- States are not allowed to procure food grains through the OMSS.
How many of the above statements are correct?
- a)Only one
- b)Only two
- c)All three
- d)None
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding Open Market Sale Scheme (O...
Statement 1: Under the Open Market Sale Scheme, the Food Corporation of India (FCI) from time to time sells surplus food grains from the central pool in the open market to traders, bulk consumers, and retail chains.
This statement is correct. The Open Market Sale Scheme (OMSS) is a scheme implemented by the Food Corporation of India (FCI) to sell surplus food grains from the central pool. The FCI periodically conducts auctions to sell these grains in the open market. Traders, bulk consumers, and retail chains can participate in these auctions and purchase the surplus food grains.
Statement 2: The main objective of OMSS is to curb food grain inflation.
This statement is incorrect. The main objective of the Open Market Sale Scheme is not to curb food grain inflation. The objective of OMSS is to ensure the disposal of surplus food grains from the central pool, which helps in maintaining the buffer stock and reducing storage and carrying costs for the government. It also provides an opportunity for traders and bulk consumers to procure food grains at competitive prices.
Statement 3: States are not allowed to procure food grains through the OMSS.
This statement is correct. States are not allowed to procure food grains through the Open Market Sale Scheme. The scheme is primarily meant for traders, bulk consumers, and retail chains. The FCI conducts auctions and sells the surplus food grains directly to these entities in the open market. The states have their own procurement mechanisms and are not eligible to participate in the OMSS auctions.
In conclusion, only statement 1 and statement 3 are correct. The Open Market Sale Scheme allows the FCI to sell surplus food grains to traders, bulk consumers, and retail chains. However, the main objective of the scheme is not to curb food grain inflation. Additionally, states are not allowed to procure food grains through the OMSS.
This statement is correct. The Open Market Sale Scheme (OMSS) is a scheme implemented by the Food Corporation of India (FCI) to sell surplus food grains from the central pool. The FCI periodically conducts auctions to sell these grains in the open market. Traders, bulk consumers, and retail chains can participate in these auctions and purchase the surplus food grains.
Statement 2: The main objective of OMSS is to curb food grain inflation.
This statement is incorrect. The main objective of the Open Market Sale Scheme is not to curb food grain inflation. The objective of OMSS is to ensure the disposal of surplus food grains from the central pool, which helps in maintaining the buffer stock and reducing storage and carrying costs for the government. It also provides an opportunity for traders and bulk consumers to procure food grains at competitive prices.
Statement 3: States are not allowed to procure food grains through the OMSS.
This statement is correct. States are not allowed to procure food grains through the Open Market Sale Scheme. The scheme is primarily meant for traders, bulk consumers, and retail chains. The FCI conducts auctions and sells the surplus food grains directly to these entities in the open market. The states have their own procurement mechanisms and are not eligible to participate in the OMSS auctions.
In conclusion, only statement 1 and statement 3 are correct. The Open Market Sale Scheme allows the FCI to sell surplus food grains to traders, bulk consumers, and retail chains. However, the main objective of the scheme is not to curb food grain inflation. Additionally, states are not allowed to procure food grains through the OMSS.
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Consider the following statements regarding Open Market Sale Scheme (O...
Statement 3 is incorrect.
- Under the Open Market Sale Scheme, the FCI from time to time sells surplus food grains from the central pool especially wheat and rice in the open market to traders, bulk consumers, retail chains and so on at pre-determined prices. The Corporation does this through e-auctions where open market bidders can buy specified quantities at the prices set at the start of a cycle and revised routinely. Usually, states are also allowed to procure food grains through the OMSS without participating in the auctions, for their needs beyond what they get from the central pool to distribute to NFSA beneficiaries.
- The idea is to activate the OMSS during the lean season, the time between harvests, to improve and regulate domestic supply and availability of the two grains and bring down their prices in the open market; essentially making the scheme a measure to curb food grain inflation.
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Consider the following statements regarding Open Market Sale Scheme (OMSS). Under the Open Market Sale Scheme, the Food Corporation of India (FCI) from time to time sells surplus food grains from the central pool in the open market to traders, bulk consumers and retail chains. The main objective of OMSS is to curb food grain inflation. States are not allowed to procure food grains through the OMSS.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Open Market Sale Scheme (OMSS). Under the Open Market Sale Scheme, the Food Corporation of India (FCI) from time to time sells surplus food grains from the central pool in the open market to traders, bulk consumers and retail chains. The main objective of OMSS is to curb food grain inflation. States are not allowed to procure food grains through the OMSS.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Open Market Sale Scheme (OMSS). Under the Open Market Sale Scheme, the Food Corporation of India (FCI) from time to time sells surplus food grains from the central pool in the open market to traders, bulk consumers and retail chains. The main objective of OMSS is to curb food grain inflation. States are not allowed to procure food grains through the OMSS.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Open Market Sale Scheme (OMSS). Under the Open Market Sale Scheme, the Food Corporation of India (FCI) from time to time sells surplus food grains from the central pool in the open market to traders, bulk consumers and retail chains. The main objective of OMSS is to curb food grain inflation. States are not allowed to procure food grains through the OMSS.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding Open Market Sale Scheme (OMSS). Under the Open Market Sale Scheme, the Food Corporation of India (FCI) from time to time sells surplus food grains from the central pool in the open market to traders, bulk consumers and retail chains. The main objective of OMSS is to curb food grain inflation. States are not allowed to procure food grains through the OMSS.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Open Market Sale Scheme (OMSS). Under the Open Market Sale Scheme, the Food Corporation of India (FCI) from time to time sells surplus food grains from the central pool in the open market to traders, bulk consumers and retail chains. The main objective of OMSS is to curb food grain inflation. States are not allowed to procure food grains through the OMSS.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Open Market Sale Scheme (OMSS). Under the Open Market Sale Scheme, the Food Corporation of India (FCI) from time to time sells surplus food grains from the central pool in the open market to traders, bulk consumers and retail chains. The main objective of OMSS is to curb food grain inflation. States are not allowed to procure food grains through the OMSS.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?.
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