India Hikes Minimum Export Price of Onions by 67 Percent

Published: 02nd July 2014 03:56 PM  |   Last Updated: 02nd July 2014 03:56 PM   |  A+A-

Onions_PTI
By IANS

NEW DELHI: The government Wednesday hiked the minimum export price of onions by 67 percent to $500 per tonne in a bid to discourage exports and improve local supplies as its prices surged in domestic markets.

After the increase, the minimum export price of onions translates to Rs.30 per kg. Onion prices have soared in the domestic markets in the recent weeks and it is now sold for Rs.20-30 per kg in retail markets. 

The decision to hike the minimum export price was unanimously taken by an Inter-Ministerial Committee at a meeting here June 30.

“Keeping in view the rising retail and wholesale prices and delayed monsoon, the Committee unanimously decided to fix the minimum export price at $500 per tonne which translates to Rs.30 per kg with a view to arrest domestic price rise and augment domestic supply,” a commerce ministry statement said. 

The previous minimum export price of onions was $300 per tonne.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp