Following the Indian government's decision to lift the onion export ban on May 4, 2024, which included a minimum export price (MEP) of USD 550 per ton and an export duty of 40%, the country has reported onion exports amounting to 260,000 tons up until July 31, 2024. This development was shared by the Minister of State for Food and Consumer Affairs, B L Verma, highlighting the current fiscal year's performance in comparison to the previous year's total exports of 1.6 million tons. The government's intervention in onion trading also extended to procurement activities, with 468,000 tons of onions purchased primarily from Maharashtra through NCCF and NAFED to stabilize prices. Notably, the price realization for onion farmers has seen an improvement, with the average monthly mandi modal prices in Maharashtra ranging between Rs 1,230 to 2,578 per 100 kg in the current year, showing a significant increase from the previous year's prices. The average procurement price for the price stabilization buffer this year was Rs 2,833 per 100 kg, marking a 64 percent increase from the prior year.

Source: Economic Times August 08, 2024 13:14 UTC