The government on Saturday imposed an export duty of 40% on onions with immediate effect to check price rise and improve supplies in the domestic market. This export duty is valid till December 31, 2023.
Earlier, ET reported that prices of quality onions used by household consumers are set to nearly double to Rs 55-60 per kg by September, quoting traders.
Despite ample stock of onions in the country, a high proportion of bad quality onions due to a prolonged period of excessive summer heat this year has made good quality onions expensive, they said.
Besides the large proportion of bad quality onions, high inflation in other vegetables is also responsible for propelling onion prices upwards, said traders.
India’s annual retail inflation rose sharply to a 15-month high of 7.44% in July from 4.87% the previous month, fuelled by a sharp jump in vegetable and cereal prices. The figures breached the upper end of the RBI’s inflation band of 2%-6% for the first time in five months.
High-frequency food price data for August so far shows prices of cereals and pulses continued to increase this month, according to the bulletin. Tomato prices, on average, registered a further increase, although more recent data indicates some pullback in prices, the RBI added.
Onion and potato prices also registered sequential upticks, the Reserve Bank of India said in its August bulletin said.
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