Sun. Jun 23rd, 2024
India imposes 40% Duty on Onion Exports Amidst Soaring Prices - What's Next?

India imposes 40% Duty on Onion Exports Amidst Soaring Prices – What’s Next?

India imposes 40% Duty on Onion Exports Amidst Soaring Prices – What’s Next?

With effect from Saturday, the government has imposed a 40% tax on onion exports. This is being done to control the rise in onion prices and ensure adequate supply in the country till December 31, 2023.

Government steps to control inflation

To contain rising prices and ensure domestic supply, the Finance Ministry has announced a 40% export tax on onions till 31 December 2023. The decision comes at a time when there are reports that onion prices may increase in September.

On August 11, the government began releasing onions that had been in storage to stabilise prices. In addition, they want to keep a sizable buffer stock—3 lakh tonnes vs 2.51 lakh tonnes for the 2023–24 season—to manage crises and price swings during times of low supply.

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