Govt lifts ban on onion exports to curb falling prices; Onion trades @ Rs 900/quintal at Lasalgaon AMPC
Citing bumper onion crops this harvest and on the backdrop of falling prices, the government has decided to lift ban on the export of onions in order to help farmers get good prices. According to estimates, the March harvest is over 40% more than last year at 40 lakh tonnes. Last year the onion output was at 28.4 lakh tonnes.
The prices of the bulb have fallen sharply in the last few weeks on expectations of a big crop. In the Lasalgaon agriculture produce market committee (APMC), which is Asia’s largest market, the prices of onion were on the decreasing side for the last few weeks after touching over 12000/quintal wholesale rate.
On Tuesday, the onion produce at the Lasalgaon APMC was being traded at a lower price of Rs 900 per quintal and the higher of Rs 1750/quintal. While in the retail market the price of the staple was ranging between Rs 30/kg to Rs 40..With the lifting on the export ban by food and consumer affairs minister Ramvilas Paswan, the prices of onion will help stability in rate and help farmers get good remunerative price.
India, the world’s biggest exporter of onion, banned exports of onions in September last year to keep domestic supplies intact after flooding in several states worsened seasonal shortages, leading to a spike in local prices.
Wholesale prices of onions have more than halved in the last five weeks, according to data compiled by the National Horticultural Research and Development Foundation, a government agency.