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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.
The move is expected to cool the retail inflation as vegetable prices sent consumer inflation soaring to a 15-month high in July, compared with 4.87% in the previous month, breaching the upper tolerance band of the Reserve Bank of India for the first time in FY24.
To improve the domestic availability of onions, Government of India imposes 40% export duty on onions with immediate effect upto 31st December 2023.
Onion Price Hike: The export duty, which is the first time ever on onion, has been imposed as the retail sale price of the kitchen staple, according to government data, touched Rs 37/kg on Saturday in Delhi
MUMBAI, Aug 19 — India will impose with immediate effect a 40 per cent export duty on onions up to December 31 in an attempt to improve domestic availability of the vegetable,...