New Delhi: The government on Saturday imposed a 40 per cent duty on the export of onions to check price rise and improve supplies in the domestic market.
The Finance Ministry through a notification imposed a 40 per cent export duty on onions till December 31, 2023. The export duty comes amid reports that onion prices are likely to rise in September.
Last week, the government announced the immediate release of onions from its buffer stock in specific regions, with the aim of keeping prices in check until the arrival of the new crop in October.
The government is exploring various channels for the distribution of onions, including e-auctions, e-commerce platforms, and partnerships with state authorities to offer discounts through their retail outlets operated by consumer cooperatives and corporations. Presently, the government has stockpiled 3 lakh tonnes of onions within the Price Stabilisation Fund (PSF) to address any unforeseen spikes in prices during the period of low supply.
According to government data, the cost of onions has begun to exhibit a slight increase. As of August 10, the all-India retail price for this essential kitchen commodity stood at Rs 27.90 per kilogram, representing a rise of just over Rs 2 per kilogram compared to the same period last year. (PTI)
