Government Imposes 40% Duty on Onion Exports to Curb Price Rise
★The central government has imposed a 40% duty on onion exports to control rising prices and improve supply in the domestic market.
★The Finance Ministry has issued a notification stating that the export duty will remain in effect until December 31, 2023.
★This decision comes amid reports that onion prices are expected to rise in September.
Government to Release Onions from Buffer Stock to Control Prices
★The Modi government plans to release onions from its buffer stock to keep prices under control before the arrival of the new crop in October.
★Various options are being explored to release onions from the buffer stock, including sale at subsidized rates through e-auctions, e-commerce, and state consumer co-operative societies.
★The government has kept three lakh tonnes of onions under the Price Stabilization Fund (PSF) to address any emergencies.
Onion Prices Show a Slight Increase
★According to government figures, onion prices have increased slightly. On August 10, the retail price of onions was Rs 27.90 per kg, which is Rs 2 higher than the same period last year.
★The government will create a buffer stock and provide onions from it to regulate prices.
★The modalities for the disposal of onions were finalized after discussions with officials of the National Agricultural Cooperative Marketing Federation of India (NAFED) and the National Cooperative Consumers Federation of India Limited (NCCF) on August 10.
Summary:
★The Indian government has imposed a 40% duty on onion exports to prevent rising prices and increase the availability of onions in the domestic market.
★Onions will be released from the buffer stock at subsidized rates through various channels, including e-auctions and state consumer co-operative societies.
★The retail price of onions has slightly increased, prompting the government to create a buffer stock and regulate prices.
★The government aims to maintain stable onion prices before the arrival of the new crop in October.
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
