New Delhi [India], August 7 (ANI): Till July, a total quantity of 2.60 lakh tons of onion had been exported in current financial year 2024-25, the government on Wednesday informed the Parliament.
Government has lifted the onion export prohibition from May 4, 2024 and has allowed the export with minimum export price of (MEP) of USD 550 per MT and export duty of 40 per cent.
“Till 31st July, 2024, a total quantity of 2.60 lakh tons of onion had been exported in current financial year 2024-25,” Union Minister of State for the Ministry of Consumer Affairs, Food and Public Distribution, BL Verma in a written reply informed the Lok Sabha.
Further, the union minister said his government had procured 4.68 lakh tons, majorly from Maharashtra, through NCCF and NAFED for the price stabilisation buffer.
Buffer stock is maintained to meet any exigencies and for price stabilisation if rates go up significantly during the lean supply season.
In comparison with last year, the price realisation by onion farmers in current year has been much higher, minister observed.
The average monthly mandi modal prices of onion in Maharashtra between April and July, 2024 were in the range of Rs.1,230 to Rs.2,578 per quintal as against Rs.693 to Rs.1,205 per quintal for corresponding period last year (2023), he said.
“The average procurement price of onion for the buffer in current year was Rs.2,833 per quintal which is 64 per cent higher than the procurement price of Rs.1,724 per quintal last year.”
India is a net exporter of onion and earns income from the export.
The net export value earned by India for each of the last three years were Rs.3,326.99 crore in 2021-22, Rs.4,525.91 crore in 2022-23 and Rs.3,513.22 crore in 2023-24.
The export of onion had been prohibited with effect from 8 December 2023 to increase domestic supply against an estimated 20 per cent decline in the Kharif and late Kharif production.
The restriction on export helped the government in maintaining stable prices till the arrival of Rabi 2024 crop.
The removal of export restrictions is expected to bolster India’s onion trade and contribute to the country’s overall economic stability. With favorable crop conditions and ample supply, the move is likely to benefit both domestic consumers and export markets, ensuring steady prices and ample availability of onions in the coming months.
Rabi onion harvested during April-June accounts for 65 per cent of India’s onion production and meets the consumer’s demand till the Kharif crop is harvested in October-November. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
