facebook.com/Outlookindia twitter.com/outlookindia digimag.outlookindia.com instagram.com/outlookindia youtube.com/user/OutlookMagazine

Govt Cuts Minimum Export Price of onion to USD 350/Tonne

File - AP Photo/ Mahesh Kumar A.

The government today reduced the minimum export price (MEP) of onion to USD 350 per tonne following improvement in domestic supply situation and softening of prices.

In June this year, the MEP on onion was re-introduced at USD 300 per tonne which was further raised to USD 500 per tonne in July this years as prices had continued to move upwards.

"The MEP of onion has been brought down to USD 350 per tonne as its availability has increased," Telecom and Law Minister Ravi Shanker Prasad told reporters here after a Cabinet meeting.

"When our government came in power we had increased the MEP of onion to USD 500 per tonne from USD 350 per tonne to make the exports less competitive," the Minister said.

Onion prices were rising due to speculation amid anticipation of below normal monsoon despite sufficient supply in the country.

During June, the wholesale price of onion at Lasalgoan in Maharashtra -- Asia's largest onion market -- had risen by about 80 per cent to Rs 18.50 per kg. At present, the rates are hovering around Rs 13-14 per kg at Lasalgoan.

Onion production is estimated to have risen to 192 lakh tonnes during 2013—14 crop year (July—June), from 168 lakh tonne in 2012—13. Exports meanwhile fell to 13.58 lakh tonnes last fiscal from 18.22 lakh tonnes in 2012—13.

The domestic demand during the lean period from June to November is met through stored rabi (winter) and fresh kharif (summer) produce.

SECTION: Business
OUTLOOK 20 August, 2014
© Copyright PTI. All rights reserved. Republication or redistribution of any PTI content, including by framing or similar means, is expressly prohibited without their prior written consent.
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store

Post a Comment

You are not logged in, please Log in or Register
  • Daily Mail

The cricket icon is reported to have tried to curry favour with Defence Minister Parrikar for a friend's property adjoining defence land in Mussoorie. Parrikar is said to have declined to help. The recipient of India's top honour is also busy endorsing various products. Is India's legendary batsman insulting the Bharat Ratna, which was given to him after amending rules?

POLL STARTED ON: Jul 19, 2016
Ramzan is the month of intense prayer, dawn-to-dusk fasting and nightly feasts for millions of Muslims to commemorate the first revelation of the Quran to the Prophet Muhammad. As the world celebrates Eid al-Fitr to mark the end of Ramzan, take this quiz to find out how well you know it. Eid Mubarak!
QUIZ STARTED ON: Jul 06, 2016