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Government To Purchase 1650 Tonnes Of Onions For Export To Bangladesh | Economy News

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Government To Purchase 1650 Tonnes Of Onions For Export To Bangladesh | Economy News

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New Delhi: The National Cooperative Export Ltd (NCEL), a government export agency has revealed its plan to purchase 1650 tonnes of onions from private traders at a price of ₹29 per kilogram for the purpose of exporting to Bangladesh. This marks the initial authorized export of onions from India in more than three months, subsequent to the government’s ban on exports from December 8 until March 31,as per report by Economic Times.

As per the Government of India, in the first week of March, the centre authorized the export of 64,000 tonnes of onions to countries that had requested them through diplomatic channels. Out of this allocation, 50,000 tonnes were assigned to Bangladesh while the remaining 14,400 tonnes were designated for the UAE. (Also Read: Lok Sabha Elections: Stock Market Expected To Remain Closed On May 20)

India imposed export restrictions on onions to tackle rising domestic prices which raised concerns about affordability and availability. The ban also caused international prices to surge because of decreased global supply, especially during the high-demand period of Ramadan in traditional markets such as Bangladesh, West Asia, and Southeast Asia. (Also Read: Sensex Climbs 126.36 Points To 72,769.79 In Early Trade; Nifty Up 20.65 Points To 22,044)

During the current Ramadan season, demand from India’s traditional purchasers such as Bangladesh, the Middle East, and certain Southeast Asian countries is at its highest. At present, wholesale onion prices in Maharashtra’s Nashik district vary from Rs 7/kg to Rs 16/kg. It is anticipated that prices will decrease further with the continuous arrival of fresh rabi harvest.

It is uncertain what price NCEL will set for onion buyers in Bangladesh. According to industry insiders, the export agency is anticipated to make significant profits as onions are currently being sold at ₹80-90/kg in Bangladesh.

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