Indian onions become cheaper
After reducing onion minimum export price (MEP) of onions by $125 to $350 a tonne, India is planning to further slash it for the commodity in a bid to curb price fall in the domestic market.
India exports onions mainly to Bangladesh, West Asia and Singapore.
"We are thinking to further bringing down the minimum export price for onion because the domestic prices of the bulb is going down," Agriculture Minister Sharad Pawar told reporters yesterday.
The last price cut had come on Saturday with an aim to encourage outbound shipments.
In February, the government had lifted the ban on onion exports after farmers' protests due to crashing of domestic prices.
However, onion prices were capped at $600 per tonne as a precautionary measure to control retail prices, which had shot up to Rs.70-80 per kg in December last year. The ban on onion exports had come after domestic prices later rocketed to Rs 80-85 per kg.