Government will sell 3 lakh metric tonnes of onion in retail market from buffer stock. Loktej Business News
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New Delhi, August 11 (Hindustan). The central government has taken a big decision to curb the rising prices of onions. The government has started releasing 3 lakh metric tonnes of onions from its buffer stock in the open market. The Department of Consumer Affairs will release onions from the buffer stock in states where the retail prices of onions are higher than the average price.
The Ministry of Consumer Affairs, Food and Public Distribution said on Friday that the government has decided to release onions from the buffer stock of 3 lakh metric tonnes created this year. According to the ministry, Food Secretary Rohit Kumar Singh held a meeting with the managing directors of the Agricultural Cooperative Marketing Federation of India (NAFED) and the National Consumer Cooperative Federation (NCCF) to finalize the modalities for its disposal.
According to the ministry, it has been decided to release onions from the buffer stock in major markets of those states or regions where retail prices are ruling above the all-India average. Along with this, retail sale through e-auction and on e-commerce platforms is also being explored. The quantum of disposal will also be adjusted with the prices and availability conditions with the objective of making onions available to the consumers at affordable prices.
It is noteworthy that the price of onion in the retail market is Rs 25-30 per kg. The central government has created a buffer stock of onion to prevent volatility in prices and stabilize prices. The buffer stock has been created by procuring onions from the ongoing rabi crop in major consumption centers during the lean season. In the last four years, the buffer stock of onion has increased three times to 3.00 lakh metric tonnes in the financial year 2023-24.
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