India has raised the minimum export price for onions, to maintain price levels at home, as fears grow of a shortage because of adverse weather conditions.
Effective immediately, exports of onions can only take place at or above the price of $500 (£292) per tonne.
That is a 67% jump from the government’s recent pricing policy on a key ingredient for Indian dishes.
Two weeks ago the government had set a minimum export price of $300 per tonne.
But at a recent meeting the government’s findings showed that wholesale and retail prices of onions have been going up.
The inter-ministerial committee said in a statement it reached a unanimous decision to raise the minimum export price, keeping in view “rising retail and wholesale prices and delayed monsoon.”
via BBC
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