Indian gov't buys 20,000 tonnes of onion for buffer stock

The Indian government has exceeded its target of buying 15,000 tonnes of onion for buffer stock and has procured 20,000 tonnes to be used in case of price increases in the lean season.

Onion production is estimated to have increased to 20.33 million tonnes in 2015-16 from 18.92 million tonnes in the previous year, as per government data. Last year, the government procured 8,000 tonnes of onion but after the retail prices had gone through the roof to about Rs 80-90/kg.

The government, however, this year decided to buy on time and set a target to procure 15,000 tonnes of onion from the rabi crop of the 2015-16 crop year (July-June).

“Onion procurement has touched 20,000 tonnes so far, higher than the set target,” Food and Consumer Affairs Minister Ram Vilas Paswan said.

Agencies Nafed and SFAC have procured onion at below Rs 10 per kg, which will be supplied in the market during the lean season (August-September), he said.

At present, retail onion prices are ruling at Rs 15-25/kg in most parts of the country, according to government data.

(1 Indian Rupee=0.015USD)

Source: indianexpress.com

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