Govt imposes 40% export duty on onions to boost local supply, check price rise
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According to the data, the price of onion was Rs 37 per kg in Delhi on Saturday. Onion prices have started increasing amid reports of reduction in onion area in the current Kharif season. The government has maintained a buffer stock of three lakh tonnes of onions this year.
New Delhi. The government on Saturday imposed 40 per cent export duty on onions to boost domestic availability amid fears of a price hike. According to government data, export duty has been imposed on onions for the first time. Significantly, the retail selling price of onion reached Rs 37 per kg in Delhi on Saturday. The Finance Ministry, through a customs notification, imposed 40 per cent export duty on onions till December 31, 2023.
In the current financial year, 9.75 lakh tonnes of onions have been exported from the country between April 1 and August 4. The top three importing countries in terms of value are Bangladesh, Malaysia and the United Arab Emirates. Consumer Affairs Secretary Rohit Kumar Singh said that in order to increase the availability of onions in the domestic market in view of the upcoming festive season, the government has decided to impose 40 per cent duty on the export of onions.
Singh said, it is also being seen that there has been a rapid increase in exports in recent times. The government had earlier always used the minimum export price to curb onion exports. However, for the first time this year the export duty has been imposed. According to the Consumer Affairs Ministry data, the average retail price of onion at the national level was Rs 30.72 per kg on Saturday. The price was Rs 63 per kg with a maximum price of Rs 10 per kg and a minimum of Rs 10 per kg.
According to the data, the price of onion was Rs 37 per kg in Delhi on Saturday. Onion prices have started increasing amid reports of reduction in onion area in the current Kharif season. The government has maintained a buffer stock of three lakh tonnes of onions this year. It has started disposing of it at major locations in the wholesale market from last week. The secretary said that so far 2,000 tonnes of buffer onions have been sold in the wholesale mandis of Delhi, Assam, Himachal Pradesh, Telangana and Andhra Pradesh. Buffer onions are generally used from August and September till the arrival of the new crop in October. Onion has always been politically sensitive. The ban assumes significance in view of assembly elections in key states like Madhya Pradesh, Chhattisgarh and Telangana later this year.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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