Government agencies in India to buy red onion as prices plunge on surplus output

Published 2023년 3월 7일

Tridge summary

The Indian government has intervened to purchase red onion crops after prices dropped significantly, leading to protests by farmers. The price drop is due to increased production in other states, reducing the demand for supplies from Nashik, the country's major producing district. The government is now directing two agencies to buy the crops to address the issue. India is the world's largest exporter of onions, primarily to Asian countries like Bangladesh, Nepal, and Malaysia.

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

Original content

NEW DELHI (Reuters) - The Indian government on Tuesday said it has directed two of its agencies to "immediately intervene" and purchase red onion crops from the market after prices fell significantly over the last month, resulting in protests by farmers. Prices of the crop have fallen to as low as 200 rupees ($2.44) per 100 kilograms prompting some farmers to dump the crop in fields in the western state of Maharashtra, the largest producer of red onion in the country, where rates have fallen sharply. "The experts attribute this fall due to overall increased production in other states, reducing the dependence on the supplies from the major producing district of the country i.e. Nashik," the government said in a statement. India is the world's biggest exporter of onion, primarily meeting demand of Asian countries including Bangladesh, ...

Source: Business Standard