India: Election Commission nod took before lifting the ban on onion exports

Published 2024년 5월 5일

Tridge summary

The Indian government has obtained approval from the Election Commission to lift the ban on onion exports, imposing conditions such as a 40% export duty and a minimum export price of USD 550 per tonne. This decision was made based on the recommendation of the Department of Consumer Affairs after assessing the comfortable supply situation and stable prices in both domestic mandies and retail markets. The decision is significant as it benefits farmers in key onion-producing regions who have been demanding an end to the ban. The government also stated that it is procuring 5 lakh tonnes of onions as a buffer stock to intervene in the market in case of price fluctuations.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

New Delhi, May 5 (PTI) The Centre has taken permission from the Election Commission to lift the ban on exports of onion in view of the ongoing implementation of the Model Code of Conduct due to the Lok Sabha elections, sources said. According to government sources, the Department of Revenue under the finance ministry took the permission from the Election Commission to lift the ban on onion exports, subject to conditions of 40 per cent export duty, and also a minimum export price (MEP) of USD 550 per tonne. The government has imposed a minimum export price (MEP) of USD 550 per tonne (around Rs 46 per kg) as well as 40 per cent export duty. Taking duty into account, the shipments will not be allowed below USD 770 per tonne (around Rs 64 per kg). The decision to lift the ban on exports of onion was on the recommendation of the Department of Consumer Affairs, which monitors the availability and price situation of onion in the country. On December 8 last year, the Centre had banned ...

Source: Theprint