Posted 10/28/2023, 2:57:40 PM
Government Steps In to Control Onion Prices As Rates Skyrocket
- Centre imposes minimum export price of $800/tonne on onions from 29 Oct to 31 Dec to ensure domestic availability amid rising prices
- Onion prices increased over 50% in past 2 weeks due to delay in arrival of kharif crop from key growing states
- Govt to procure additional 200,000 tonnes of onions for buffer stock, taking total to 700,000 tonnes
- Earlier measures like selling onions at subsidized rates and imposing export duty failed to cool down prices
- Traders expect prices to rise further until new kharif crop from Maharashtra hits markets in December