Cabinet approves import of 1.2 lakh tonnes onion: FM
Finance Minister Nirmala Sitharaman informed about the decision at a media briefing after the Cabinet meeting.
On November 16, Food and Consumer Affairs Minister Ram Vilas Paswan had announced that the government will import 1,00,000 tonnes of onions through state-run MMTC, which has already floated a tender for buying 4,000 tonnes of the commodity from the global market.The government is also facilitating private imports and also relaxed phytosanitary and fumigation norms till December. Advertisement
The move comes after the government's various efforts to boost the domestic availability failed to cool down the retail prices significantly. Retail prices of onions are continuing to rule above Rs 60/kg in the national capital and other consuming centres.
Onion prices have come under pressure due to 26 per cent fall in the production to 52.06 lakh tonnes during the kharif output late-kharif seasons of 2019-20.The all-India average retail price of onion stood at Rs 60.38 per kg on November 15, compared with Rs 22.84 per kg on the same date last year.
Besides easing norms for onion import, the government has taken several measures including ban on exports, stock limits on traders and sale of the commodity stored as buffer, at a subsidised rate. LUX NKD CS MKJ
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
- Fixed deposits may not longer be taken as collateral for trading on the stock market
- LG announced eight new OLED TVs starting at ₹14,990 in India
- Airline ticket refund: DGCA tells SC that tickets booked during lockdown are entitled for refund
- Smaaash shuts down – founder calls it a ‘premature death’ for the company
- NASA's plan to put humans back on the Moon will cost $28 billion