In a bid to maintain a steady supply of onions at affordable prices for domestic consumers, the government has taken decisive steps to address the declining stocks of rabi 2023 onions. With the introduction of a Minimum Export Price (MEP) set at USD 800 per Metric Ton, the authorities aim to balance the needs of both farmers and consumers. As the stored rabi 2023 onion stock dwindles, the government has intervened to stabilize the market and prevent a surge in onion prices. The MEP, equivalent to around Rs. 67/kg, underscores the government’s commitment to balancing the needs of farmers and consumers.
On the 29th of October, 2023, the government imposed a Minimum Export Price (MEP) of USD 800 per Metric Ton, FOB basis, on onion exports. This move is effective until the 31st of December, 2023, and it serves a dual purpose – ensuring an adequate supply of onions within the country and curbing excessive exports. The MEP, equivalent to approximately Rs. 67 per kilogram, signifies the government’s commitment to keep this kitchen staple affordable for every Indian household.
Additionally, to further stabilize the onion market, the government has declared the procurement of an additional 2 lakh tons of onions for the buffer, supplementing the 5 lakh tons already acquired. The buffer stock has been consistently released since the second week of August in major consumption centers nationwide, and it’s being offered to retail consumers at the economical rate of Rs. 25 per kilogram. As of now, approximately 1.70 lakh Metric Tons of onions have been dispensed from the buffer. This continual procurement and distribution are aimed at moderating prices for consumers while ensuring fair returns for onion farmers.
The recent government actions regarding onions underscore a commitment to balancing the interests of farmers and consumers. By setting an MEP, expanding the buffer stock, and facilitating the consistent procurement and distribution of onions, the government is providing a safety net for all stakeholders in the onion market. The focus is on ensuring affordable onions for consumers, fair remuneration for farmers, and market stability during a critical period. These measures are not just about onions; they represent a comprehensive approach to securing the food security and economic well-being of the nation.
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