The export duty on onions has been increased amid rumours suggesting that prices may rise in September.
Digital Desk: The Indian government on Saturday imposed a duty of 40% on onion exports, effective immediately. The export duty will remain in effect till December 31, 2023. The goal is to control the domestic market's rising pricing.
The government issued a notification that read, "Government imposes 40% duty on onion exports until December 31."
The export duty on onions has been increased amid rumours suggesting that prices may rise in September.
Recently, the government announced that onions from its reserve supply will be distributed quickly in some areas. This move aims to control prices until the start of the fresh harvest in October.
Currently, the government is looking into several distribution methods for onions, including e-auctions, and e-commerce platforms, and working with state governments to offer discounts through their retail locations run by consumer cooperatives and corporations.
In order to deal with any unanticipated price increases during times of limited supply, the government has currently maintained a stockpile of 3 lakh tonnes of onions within the Price Stabilisation Fund (PSF).
Government data show that the price of onions has slightly increased. The national retail price for this necessary kitchen item as of August 10 was Rs 27.90 per kilogram, an increase of little more than Rs 2 per kilogram as compared to the same time last year.
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