Govt halves onion stock limit to curb hoarding

Economy


NEW DELHI: Cracking down heavily against any possibility of hoarding of onions, the government has revised the stock limit squeezing any illegal stocking of onions whose wholesale prices have crossed the Rs 110 a kg mark.

“Now the stock limit for retailers have been halved to 5 tonnes of onions while for wholesalers the stocks limit has been halved to 25 tonnes of onions,” a press statement from consumer affairs ministry said.

The government is closely monitoring the prices of onions which is rising everyday due to short supply in the market. There is a huge shortage of the bulb this year due to heavily rains in the onion growing states of Maharashtra, Karnataka and Madhya Pradesh.

Loading...

“Around 26% crops have been damaged due to heavy rains,” said a senior consumer affairs ministry official.

The government has ordered for an immediate import of onions. The first consignment of 6090 tonnes from Egypt is reaching Indian shores in the second week of December while consignment of 11000 tonnes from Turkey will arrive next month.

“Domestic arrivals are trickling in the markets. Major inflow will happen only after 15-20 days. Prices will come down after that only,” said Ajit Shah, president, onion exporters association.



Source link

Articles You May Like

Pakistan explores options to import cotton from India to meet shortfall
Relativity’s reusable Terran rocket competitor to SpaceX’s Falcon 9
Nikola is paying $8.1 million in legal fees for ousted chairman Milton
COVID-19 stress altering consumer behavior in India: IIM Survey
Fintech can formalise informal sector if regulations advance with industry expansion: Alfred Schipke, IMF – The Economic Times Video

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading...