Govt cuts down minimum export price of onions by 43%
The Dollar Business Bureau Taking note of the arrival of fresh crops in the market, the government on Thursday cut down the minimum export price (MEP) of onions to $400 per tonne from $700 per tonne. “On Onion - decision taken today to reduce the Minimum Export Price (MEP) of onion from $700 MT to $ 400 MT,” Commerce Minister Nirmala Sitharaman said in a tweet. The decision came after a meeting held between Finance Minister Arun Jaitely, Agriculture Minister Radha Mohan Singh and the Commerce Minister. Sitharamn also announced that an Inter Ministerial Group (IMG) would review the arrivals of onions in Mandis and their prices every two weeks. “Detailed periodic assessments will be kept up,” she said. Maharashtra ...
Maharashtra asks Centre to scrap minimum export price on onion
Source: PTI With wholesale prices down to the Rs.10 per kg level, the Maharashtra government has asked the Centre to scrap the minimum export price (MEP) for onions to help boost overseas shipments. In August, the government had hiked onion MEP to $700 per tonne, from $425, as prices at both wholesale and retail levels were skyrocketing on lower output due to unseasonal rains earlier. MEP is the rate below which no exports are allowed. The rise in MEP restricts exports and improves domestic supply. “In a letter written to the Union Agriculture Ministry, the Maharashtra government has demanded removal of onion MEP to encourage exports, which would protect interest of farmers,” a senior Agriculture Ministry official said. India exported 4,59,097 ...
Govt hikes minimum export price of onion to check domestic market rate
The Dollar Business Bureau In an effort to curb soaring prices of onion in the domestic market, the government has increased the minimum export price (MEP) of onion by more than 140% from $175 per tonne to $425 a tonne. “Export of all varieties of onions will be subject to a MEP of $425 FOB (freight on board) per tonne,” a report said citing a notification issued by the Directorate General of Foreign Trade (DGFT). According to officials, the move will discourage onion traders to sell the produce abroad, resulting in adequate supply in the domestic markets. In the wholesale markets within the country, the price of onion has increased from Rs 11,000 ($173) per tonne to Rs 17,000 ($268) in ...
