The Directorate General of Foreign Trade (DGFT), a segment of the ministry overseeing exports and imports, announced the extension of the onion export ban until further notice. Initially set to expire on March 31, 2024, this measure aims to enhance domestic availability and stabilize prices.
The prohibition, initiated on December 8, 2023, reflects ongoing efforts to manage the commodity's market dynamics. Despite a production estimate of 22.7 million tons in the 2023 rabi season, the government has selectively permitted onion exports, approving 64,400 tons to the UAE and Bangladesh via the National Cooperative Exports Ltd (NCEL).
Additionally, to alleviate consumer burden, the government previously mandated the sale of buffer onion stocks at a reduced rate of Rs 25 per kg and implemented a minimum export price of USD 800 per ton alongside a 40% export duty until the end of 2023.
[ Rs 100 = €1.10 ]
Source: business-standard.com