Cabinet eases curbs on onion shipments, cuts export price by 30 percent
The cabinet on Wednesday cut the minimum export price for onions by 30 percent, relaxing some of the curbs imposed on overseas shipments in the past two months to augment domestic supplies and rein in soaring prices.<br />
The cabinet on Wednesday cut the minimum export price for onions by 30 percent, relaxing some of the curbs imposed on overseas shipments in the past two months to augment domestic supplies and rein in soaring prices.
Exports will now be possible at $350 per tonne, Telecom and Law Minister Ravi Shankar Prasad told reporters.
The minimum export price was first raised to $300 per tonne in mid-June after fears of domestic shortages, fuelled by a scorching summer, drove up local prices. It was further increased to $500 per tonne in July to discourage exports.
Prasad said the review was prompted by an improvement in domestic supplies and a moderation in prices.
More from EconomyIndians consume about 15 million tonnes of onions a year, using them as the base for curries and traditional dishes such as biryani and bhaji. In the past, higher onion prices have contributed to the fall of state governments.
The South Asian nation exports about 1.5 million tonnes of onions a year.
Reuters
India’s trade surplus with US may cross $90 billion after tariff cuts, says SBI report
Inflation likely to be a big focus area for budget 2024, say sources
Explained: Will the Bank of Japan break tradition and raise interest rates?
UK enters recession, central bank admits
Explained: How the rising US dollar can affect everyone