India had lifted its ban on onion exports with immediate effect, said a notification from the country’s Directorate General of Foreign Trade on Saturday.
While the prohibition for onion export has now been removed, DGFT has set the minimum export price for onion at $550 per tonne, according to Indian media.
This decision coincides with the upcoming phases of the Lok Sabha elections, particularly in the onion producing region of Maharastra.
In December last year, the Indian government restricted the export of onions till March 31, 2024.
After nearly five months of the export ban, on February 26, India decided to give an exemption for Bangladesh, as well as five other countries, from its ban export of onions, up to a certain amount.
Last month, the export ban was on onion was extended till further orders.
To check the soaring price of onion, the government had imposed a minimum export price of $800 per tonne on October 28 till December 31, 2023. In August last year, India imposed a 40 per cent duty on the export of onions to improve supplies of the staple vegetable in the domestic market until December 31, 2023.source: newage
