Colombo (LNW): India has established a minimum export price of $800 per tonne for onions until 31st December, the government announced on Saturday, aiming to ensure sufficient domestic supply and stabilise prices, REUTERS reported.
“This action was taken to ensure ample availability of onions for domestic consumers at reasonable prices, given the dwindling stock of rabi 2023 onion harvested in winter,” the government clarified in a statement.
Furthermore, the government has decided to procure an additional 200,000 tonnes of onions for its reserve, in addition to the 500,000 tonnes previously secured, as mentioned in the statement.
Earlier in August, the South Asian country had levied a 40% export tariff on onions until 31st December to enhance the domestic supply of the vegetable.
