This move comes as part of India’s approval of a total of 79,150 tonnes of onions for export, despite the ban imposed on shipments last December. Among these, 14,400 tonnes were sanctioned for export to the UAE on 1 March
As the Eid festival approaches, India has given the green light for an additional 10,000 tonnes of onions to be exported to the UAE through the National Cooperative Exports Ltd (NCEL), announced the Directorate General of Foreign Trade on Tuesday night.
This move comes as part of India’s approval of a total of 79,150 tonnes of onions for export, despite the ban imposed on shipments last December. Among these, 14,400 tonnes were sanctioned for export to the UAE on 1 March.
-
Responding to escalating onion prices, the central government has been releasing onions from its buffer stock. For the 2023-24 season, the government had decided to maintain a buffer stock of 300,000 tonnes, an increase from the previous year’s 251,000 tonnes
-
Moreover, onion procurement for the 2024-25 rabi season commenced earlier than usual, with aims to procure 500,000 tonnes during this period
The decision to restrict onion exports during the 2023-24 financial year stemmed from global supply shortages exacerbated by the El Niño weather phenomenon, leading to a dry spell. Initially, the government banned onion exports on 8 December 2023 until 31 March 2024, a restriction which has since been extended indefinitely.
However, the latest notification from the DGFT outlines that export of onions will be permitted based on requests from countries, subject to approval by the central government.
In efforts to stabilize onion prices domestically, the government had imposed measures such as a minimum export price (MEP) of $800 per tonne from October 28 to December 31, 2023, and a 40% duty on exports until the end of the same period.
Responding to escalating onion prices, the central government has been releasing onions from its buffer stock. For the 2023-24 season, the government had decided to maintain a buffer stock of 300,000 tonnes, an increase from the previous year’s 251,000 tonnes. Moreover, onion procurement for the 2024-25 rabi season commenced earlier than usual, with aims to procure 500,000 tonnes during this period.
***********************************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken a small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, running a news website requires finances. While every contribution, big or small, will make a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com
