India Lifts Onion Export Ban, Implements Floor Price Amidst Election Season

The government has also introduced a minimum export price of $550 per metric ton for onion exports.

New Delhi: India has revoked the ban on onion exports, as confirmed by an official notification released on Saturday, just a day after the government announced a 40% export duty. This decision comes after the country, known as the world’s largest exporter of onions, imposed the export ban last December, extending it further in March.

The timing of these policy changes coincides with the ongoing staggered voting in India’s national election, where Prime Minister Narendra Modi is vying for a rare third term. Notably, parts of Maharashtra, a significant onion-producing region in western India, are yet to cast their votes.

Also Read | Jailed Ex-Pak PM Imran Khan Signals Willingness for Negotiations, Rejects Immediate Deal with Opponents

Alongside lifting the export ban, the government has also introduced a minimum export price of $550 per metric ton for onion exports. A government official elaborated on the rationale behind this decision, stating, “This is after taking into account estimated rabi production 2024 and good kharif (summer-sown) prospects due to above-normal monsoon.”

Onions, a crucial ingredient in Indian cuisine and a politically sensitive commodity, are cultivated three times a year – during the monsoon, winter, and summer seasons. With an estimated onion production of 19.1 million tons during the rabi season in 2024, the government deems it “comfortable” to permit overseas sales, considering that local monthly consumption stands at about 1.7 million tons.

Also Read | Terrorist Attack in Jammu-Kashmir: 5 Soldiers Injured as Security Vehicles Come Under Fire in Poonch, Area Under Close Surveillance

Traders estimate that India, with its shorter shipment times compared to competitors like China or Egypt, accounts for over half of all onion imports by Asian countries. In the year ending March 31, 2023, India achieved a record onion export of 2.5 million metric tons.

Recent News

US Prosecutors to Seek Death Penalty for Luigi Mangione, Bondi Confirms

New York: U.S. Attorney General Pamela Bondi has directed federal prosecutors to pursue the death penalty against Luigi Mangione, who stands accused of fatally...

Xi Urges Stronger China-India Ties in ‘Dragon-Elephant Tango’

Beijing: Chinese President Xi Jinping has urged closer cooperation between China and India, describing their relationship as a "Dragon-Elephant tango". In a message to...

Alembic Pharmaceuticals Limited Announces USFDA Final Approval for Pantoprazole Sodium for Injection, 40 mg/vial (Single-Dose Vial)

Mumbai: Alembic Pharmaceuticals Limited (Alembic) announced that it has received Final Approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug...

Bharti AXA Life Insurance appoints Prerak Parmar as Chief Growth Officer

Kolkata: Bharti AXA Life continues to strengthen its leadership team by hiring seasoned professionals with deep domain expertise and a strong track record in driving...