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LATEST NEWS UPDATES | Govt lifts export ban on onions after domestic price crash

Govt lifts export ban on onions after domestic price crash

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published Published on Feb 17, 2011   modified Modified on Feb 17, 2011
Government today decided to lift ban on exports of onion, following farmers' protest over crash in domestic prices within two months of touching Rs 80 a kg.

The decision to this effect was taken at the meeting of the empowered group of ministers (EGoM) on food, headed by Finance Minister Pranab Mukherjee.

But, as a precautionary measure against possibility of prices shooting again, the EGoM decided to allow shipments of onions at a Minimum Export Price (MEP) of USD 600 (About Rs 28,000) per tonne, a senior government official said.

The ministers' panel met in the absence of Agricultural Minister Sharad Pawar , Food Minister K V Thomas and Commerce Minister Anand Sharma .

Pawar, who is President of the International Cricket Council, is away to Dhaka for opening ceremony of the World Cup, while Thomas is attending a food conference in Kolkata.

The Commerce Minister is on a foreign tour for signing free trade agreements with Japan and Malaysia.

The meeting was attended by Defence minister A K Antony, Home minister P Chidambaram and Deputy Chairman of Planning Commission Montek Singh Ahluwalia .

An official of agri cooperative NAFED, which used to regulate onion exports, said the restriction on exports by MEP of USD 600 per tonne would not encourage overseas shipments.

"NAFED had proposed the MEP at USD 350-375 per tonne," he said.

The government had banned onion exports in the last week of December, 2010 to augment domestic supply and contain rising onion prices, which had touched Rs 70-80 per kg.

The measure along with action against hoarders and arrival of fresh crop led to crash in prices to Rs 4-12 kg in the wholesale, leading to protests in Nashik and other growing areas of Maharashtra.

In the retail markets, onion prices are ruling at Rs 20-25 a kg.

Prior to the ban, India exported 11.58 lakh tonnes of onions mainly to gulf countries, Sri Lanka and Malaysia during April-November of this fiscal.

The Economic Times, 17 February, 2011, http://economictimes.indiatimes.com/news/economy/foreign-trade/govt-lifts-export-ban-on-onions-after-domestic-price-crash/articleshow/7516269.cms


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