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India has extended restrictions on onion exports until March 31, 2024, aiming to maintain ample supply and curb escalating prices of this politically significant vegetable. With a minimum export price set at $800 per tonne until December 31, 2023, the government seeks to stabilize domestic onion availability amidst nearly doubled prices within a year.
Onion prices are likely to stay high for around a month due to limited supplies, while exports remain strong after the removal of a 40% export duty, making overseas shipments more profitable amid global demand. The government introduced a minimum export price (MEP) to discourage exports, imposing $800 per tonne until December 31.
The National Cooperative Consumers Federation of India (NCCF) has started selling onions at a subsidized rate of Rs 25 per kg in Noida and Greater Noi
Noida: Onion prices have spiked after Navratri due to a demand-supply gap.
The demand for onions is still strong everywhere and that Nafed has started buying onions at ₹24/kg, farmers would like to hold onions expecting to get higher rate, said Nandkumar Shikre, chairman, Onion Traders Association, Ahmednagar.