Govt decides to lift 6-month old ban on onion exports; prices expected to fall sharply due to bumper rabi crop
India, the world’s biggest exporter of onion, banned exports of onions in September last year to keep domestic supplies intact after flooding in several states worsened seasonal shortages, leading to a spike in local prices
There is a disruption in supply of onions in the wake of excess monsoon rains in the major growing states
Onion prices touch record Rs 4,500 a quintal, steepest since December 2017; rates triple since July this year
The price of onions has almost tripled since 31 July this year, when the rate was recorded at Rs 1,250 per quintal at Lasalgaon.
he government on Friday imposed a minimum onion export price of $850 per tonne to curb its shipments and help bring down spiralling domestic prices
In August, the government had hiked onion MEP to $700 per tonne from $425
The cabinet on Wednesday cut the minimum export price for onions by 30 percent, relaxing some of the curbs imposed on overseas shipments in the past two months to augment domestic supplies and rein in soaring prices.<br />
Narendra Modi's top priority during the election rallies was not creating jobs or manufacturing, it was to bring down inflation.
Prices continued to rise and had touched about Rs 100 a kg in mid-October following unseasonal rainfall and alleged hoarding by traders.
Farmers in producing states such as Maharashtra have been protesting and have made representations to Pawar, demanding the removal of export restrictions.