The price of onions has recently witnessed a surge. Hence, in order to increase the availability of onions and to keep their prices in check, the central government has temporarily banned the export of the vegetable. This move will increase the domestic availability of onions and will help keep its prices from going too high. Here are all the important details that you would need to know about this particular piece of news.
Onion Price Surge: India Bans Its Export Till March 2024
According to an article which was recently published by The Financial Express, the Government of India is banning the export of onions temporarily. In a notification, the Directorate General of Foreign Trading or the DGFT said that the export policy of onions has been amended. Where it was initially free, now it is prohibited till March 2024.
This temporary measure will increase the availability of onions and help in controlling its price. As all the onions which would have otherwise been sent to countries outside India will now be utilised within it, its prices will be easier to control. It will also be easier for the government to curb the rising prices. Hence, till March next year, onions will not be exported from India.
As per The Financial Express article, onions are being sold for as high as ₹70 and ₹80 per kilogramme in the national capital of the country. The article also said that in October, the government sold the buffer onion stock at a subsided rate. They were sold for prices as low as ₹25 per kilogramme in the retail market.
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Other Important Details About This News
The article also stated that the government, in the past, has also taken multiple other steps to curb the rise of prices. It levied US$800 as the minimum export price or MEP per tonne on the export of onions. The rule applied to all exports done between October 28, 2023 and December 31, 2023. Prior to that, an export duty was also levied by the government on the export of onions.
This was in August and a 40 per cent export duty was levied till December 31. It is important to note, however, that export of onions will be allowed on special request by countries if the government grants it. What is more, those shipments of onions which have already been loaded will be allowed to be exported.
In addition to this, the consignment of onions which have been handed over to the customs will also be allowed to be exported.
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How is the onion price surge impacting you? Do you think this is a good move by the Central Government? Why do you think we’re experiencing this problem in the first place? Let us know in the comments section below!
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