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    HomeHyderabadGovernment earns a significant profit of Rs 1.1 billion from paddy auction...

    Government earns a significant profit of Rs 1.1 billion from paddy auction revenue.

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    The State Civil Supplies department in Hyderabad made a profit of Rs 1,110.51 crore through fresh paddy tenders. The previous government’s decisions could have caused a loss of Rs 1,000 crore due to selling damaged paddy from unseasonal rains last year. Bidders didn’t participate when the price was set below Rs 3,000 per metric ton.

    After the new government took over, they scrapped the old tenders and invited new ones. Buyers in the new tender offered to pay more than Rs 3,000 per metric ton, resulting in an additional profit of Rs 1,110.51 crore for the Civil Supplies department. The Minimum Support Price for paddy is Rs 20,600 per metric ton, but the previous government finalized a price of Rs 17,015.19 per metric ton.

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    Under the old tender, the department was supposed to receive Rs 5,885.55 crore for 34.59 lakh metric tonnes, resulting in a loss of Rs 1,239.99 crores according to MSP. However, buyers who won the tenders didn’t pay up. With the cancellation of old tenders and introduction of fresh ones by the new government, buyers bid at Rs 20,225.67 per metric ton – an increase of Rs 3,210.48 compared to the old tender. This generated Rs 6,996.06 crore revenue for a total of 34.59 lakh metric tonnes, an increase of Rs 1,110.51 crore from the old tenders.

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