In Nashik, Maharashtra, a pivotal region for onion production in India, the lifting of an export ban by the Directorate General of Foreign Trade (DGFT) on May 4 has led to a marked increase in onion prices at the Agricultural Produce Market Committee (APMC) markets.
This policy alteration, subject to specific conditions, has been met with a positive response from the local farming community, anticipating beneficial economic effects. Prior to this development, onion prices were recorded at Rs 1,000-1,300 per 100 kg, but post-announcement, prices escalated to Rs 1,900-2,100 per 100 kg. The export prohibition, initially enforced in December 2023, had previously constrained market dynamics, depressing prices and affecting farmers' profitability. The recent amendment is seen as a significant shift towards revitalizing the agricultural sector in the region.
[ Rs 100 = €1.10 ]
Source: lokmattimes.com