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Informist, Friday, Sep 13, 2024

--Govt removes $550 per tn minimum export price on onions 

NEW DELHI – The government today removed the minimum export price of $550 per tn on onions with immediate effect, it said in an official release. 

On May 4, the government had lifted the ban on onion exports, but imposed a minimum export price of $550 per tn. In December, it had banned the export of onions till Mar 31 to check rising prices and maintain adequate availability in domestic markets. However, in the last few months, the government has allowed some exports to specific countries.

The government exported a total of 260,000 tn of onions till Jul 31 in the current financial year started March. It has also procured 468,000 tn of onions, majorly from Maharashtra, through the National Cooperative Consumers' Federation India Ltd and the National Agricultural Cooperative Marketing Federation of India Ltd.

Procurement through these nodal bodies is for the price stabilisation buffer, the government had said in a release last month. It had also said that the price realisation by onion farmers in the current year has been much higher. The average monthly spot prices of onion in Maharashtra during Apr-Jul were in the range of 1,230 rupees and 2,578 rupees per 100 kg, compared with 693 rupees and 1,205 rupees per 100 kg for the corresponding period last year.  End

US$1 = 83.89 rupees

Reported by Sayantan Sarkar

Edited by Avishek Dutta

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