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India banned the export of onions effective December 8 to make the essential kitchen staple cheaper for domestic consumers. This has led to a crash in the price from more than ₹40 a kg to around ₹13 currently in the wholesale market of Nashik, India s main onion-growing region. The ban on exports by the second largest onion producer, which used to ship 40,000-50,000 tonnes of the commodity every week, caused a spike in international prices. ....
The Indian government s decision to ban onion exports until March 2024 resulted in a drastic 60% price decline in less than three weeks. The ban aimed to address issues like under-invoicing and wrong export policies, including the absence of a fixed floor price with the initial export duty and the subsequent removal of duty without a minimum export price. ....
India has extended restrictions on onion exports until March 31, 2024, aiming to maintain ample supply and curb escalating prices of this politically significant vegetable. With a minimum export price set at $800 per tonne until December 31, 2023, the government seeks to stabilize domestic onion availability amidst nearly doubled prices within a year. ....
Onion prices are likely to stay high for around a month due to limited supplies, while exports remain strong after the removal of a 40% export duty, making overseas shipments more profitable amid global demand. The government introduced a minimum export price (MEP) to discourage exports, imposing $800 per tonne until December 31. ....
Onion prices are likely to stay high for around a month due to limited supplies, while exports remain strong after the removal of a 40% export duty, making overseas shipments more profitable amid global demand. The government introduced a minimum export price (MEP) to discourage exports, imposing $800 per tonne until December 31. ....