India: Govt raise floor price for onion exports
The Commerce Ministry is keeping a close eye on the movement of domestic prices of onions and will call an inter-ministerial meet if it sees the need for further intervention, an official told BusinessLine.
Close watch on prices
“We are constantly monitoring the prices of onion in various mandis and are in touch with the Agriculture Ministry, too, on the matter. If we see further pressure on prices, despite our recent decision to raise MEP, we will take a fresh view on the matter and may raise it further,” the official said.
The MEP is a minimum price stipulated by the Government below which exports of a particular commodity is not allowed.
The Directorate General of Foreign Trade had increased the MEP for onions last month to $425 a tonne for all varieties from $250.
Source: The Hindu