India Lifts Onion Export Ban, Sets Minimum Price
May 04, 2024 11:52
India has lifted the ban on onion exports but imposed a minimum export price (MEP) of USD 550 per tonne, aiming to balance supply and price stability.
Photograph: ANI Photo
New Delhi, May 4 (PTI) The government on Saturday lifted the ban on onion exports but imposed a minimum export price (MEP) of USD 550 per tonne.
The decision assumes significance as the commodity is politically sensitive and general elections are going on in the country.
"The export policy of onions is amended from prohibited to free subject to MEP of USD 550 per metric ton with immediate effect and until further orders," the directorate general of foreign trade (DGFT) said in a notification.
Last night, the government imposed a 40 per cent duty on the export of onions.
In August last year, India had imposed a 40 per cent export duty on onions up to December 31, 2023.
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