[ad_1]
NEW DELHI: The Centre on Saturday imposed 40% duty on onion exports till December 31 to check the rise in prices.
The export duty comes amid reports that onion prices are likely to rise in September.
“To improve the domestic availability of onions, government imposes 40% export duty on onions with immediate effect upto December 31, 2023,” the finance ministry said in a notification.
Earlier government had announced to release 3 lakh tonnes of onion from its buffer stock to increase availability.
In the 2022-23 fiscal, the government had maintained 2.51 lakh tonnes of onion as buffer stock. The buffer stock is maintained under the Price Stabilisation Fund (PSF) to meet any exigencies, if rates go up significantly during the lean supply season.
Onion that is procured for the buffer stock is from the just completed rabi season. Presently, the kharif onion sowing is underway and its arrival begins in October.
Meanwhile, the consumer affairs ministry is also trying a technology for storage of onions with the Department of Atomic Energy and Bhabha Atomic Research Centre.
In 2022-23, the government had procured a record 2.51 lakh metric tonnes of onions from Rabi-2022 crop under the PSF and released it in major consumption centres during September 2022 and January 2023.
Rabi onion harvested during April-June accounts for 65 per cent of India’s onion production and meets consumers’ demand till the Kharif crop is harvested in October-November. The procured buffer stocks are usually released through targeted open market sales and also to states and Union territories and government agencies for supplies through retail outlets during the lean supply season.
The export duty comes amid reports that onion prices are likely to rise in September.
“To improve the domestic availability of onions, government imposes 40% export duty on onions with immediate effect upto December 31, 2023,” the finance ministry said in a notification.
Earlier government had announced to release 3 lakh tonnes of onion from its buffer stock to increase availability.
In the 2022-23 fiscal, the government had maintained 2.51 lakh tonnes of onion as buffer stock. The buffer stock is maintained under the Price Stabilisation Fund (PSF) to meet any exigencies, if rates go up significantly during the lean supply season.
Onion that is procured for the buffer stock is from the just completed rabi season. Presently, the kharif onion sowing is underway and its arrival begins in October.
Meanwhile, the consumer affairs ministry is also trying a technology for storage of onions with the Department of Atomic Energy and Bhabha Atomic Research Centre.
In 2022-23, the government had procured a record 2.51 lakh metric tonnes of onions from Rabi-2022 crop under the PSF and released it in major consumption centres during September 2022 and January 2023.
Rabi onion harvested during April-June accounts for 65 per cent of India’s onion production and meets consumers’ demand till the Kharif crop is harvested in October-November. The procured buffer stocks are usually released through targeted open market sales and also to states and Union territories and government agencies for supplies through retail outlets during the lean supply season.
[ad_2]
Source link
