In FY 2023-2024, the government took a series of policy measures to regulate onion exports in response to the global supply scenario and drought. These measures included a 40 per cent export duty imposed on 19 August 2023, a minimum export price (MEP) of US$800 per metric tonne imposed on 29 October 2023, and an export ban from 8 December 2023.

To meet the buffer stock requirement of the country, the central government on March 26 directed the National Consumer Cooperative Federation (NCCF) and National Agricultural Cooperative Marketing Federation of India (NAFED) to procure 500 000 tonnes of onions directly from farmers during the Rabi 2024 harvest. This is reported by
IANS, a partner of TV BRICS.

The Rabi onion crop is crucial as it accounts for 72-75 per cent of India’s annual onion production and has a better shelf life compared to Kharif onions.

This continuous procurement has ensured favourable prices for onion farmers during 2023.

Photo:
iStock