India Procures 25,000 Tonnes of Onion for Buffer Stock

New Delhi, Jan 1 (PTI) The Centre has so far procured 25,000 tonnes of onion grown in the 2023 kharif season for maintaining a buffer stock, Consumer Affairs Secretary Rohit Kumar Singh said on Monday.

The government is procuring onion to maintain a buffer stock and use it for market intervention to boost domestic availability and keep prices in check.

The government has raised the buffer stock target to 7 lakh tonnes for the 2023-24 fiscal, against the actual stock of 3 lakh tonnes last year.

According to the Secretary, the government had procured 5 lakh tonnes from last year's rabi season and is purchasing 2 lakh tonnes of kharif onion as the buffer stock target has been raised.

"About 25,000 tonnes of kharif onion has so far been procured from mandis. The procurement is underway," he told PTI.

Of the 5 lakh tonnes of rabi onion lying in the buffer stock, the government has offloaded 3.04 lakh tonnes of onion through cooperative Nafed and NCCF in the market to check prices.

As a result, the all-India average retail price of onion has come down by 27.58 per cent to Rs 42 per kg from over a month ago, he added.

To arrest sharp spikes in retail prices, the government has banned onion exports till March 31.