Weeks after the imposition of a ban on onion exports, the government is assessing the situation and is likely to reconsider the decision to stem sharp fall in the mandi prices of the vegetable.
“The government may allow exports of onion through cooperatives,” a trade source said. Sources said with the arrivals of kharif harvest as well as imposition of exports ban on December 7 till March 31, 2024, the mandi prices at Lasalgaon, Nasik, Maharashtra, the hub of the country’s wholesale trade has fallen to Rs 1500/quintal on Tuesday from around Rs 3700/quintal prevailed prior to the imposition of shipment ban.
A trader said that onion kharif harvest due to high moisture content cant be stored, the arrivals are increasing thus pulling down the prices. Farmers and traders have been demanding a lifting ban on exports so that prices do not plummet.
Govt aiming to fully automate customs processes by April 2026 India has less than 1 in 5 OTT users paying for their subscription, reveals Ormax report Indexation benefit on property NOT restored! You won’t get benefits on real estate bought after July 23 – Explained Sun Pharma Q1 Results: Net profit up 40% on higher sales, completes acquisition on outstanding Taro shares
Also Read
Gold likely to touch Rs 70,000 in 2024, say experts
“The mandi prices have fallen sharply and its currently prevailing below the cost of production,” Balasaheb Misal, former director, Manmard (Maharashtra) mandi board and an onion farmer, told FE.
According to the department, the modal retail prices of onion declined by 50% to Rs 30/kg on Monday from Rs 60/kg on December 8 when ban on export was announced.
Retail onion inflation rose by a steep 86.46% in November as retail prices in several cities touched Rs 90/kg last month because of delay in arrival of kharif crops and unseasonal rains impacting the crops in Maharashtra and Karnataka.
Meanwhile an official said that the government’s intervention of procuring kharif onion and disposing them simultaneously in the wholesale and retail points have brough down average prices by 30%-35% in the last one month.
Also Read
India’s coal output rises nearly 11 pc in Dec to 92.87 MT
The government agencies – farmers’ cooperative Nafed and National Cooperative Consumers Federation of India (NCCF) has procured 20,000 tonne of kharif onions so far against a target of 0.2 million tonne (MT) following the government’s decision to increase buffer stock target t 0.7 million tonn from 0.5 MT for the current fiscal.
NCCF and Nafed are currently selling onion from the buffer stock at a highly subsidised rate of Rs 25/kg to consumers in various towns. Inflation in onion, which had been in the negative zone since September, 2021, rose to 23.18% in August. In February, 2020, onion inflation rose to 140% on year.
In October, to discourage exports and improve domestic supplies, the government had imposed a minimum export price (MEP) for onion at $ 800/tonne which translates into Rs 67/kg.
Also Read
Fuel price cuts may be moderate, impact on OMC margins minimal
The government had imposed a 40% export duty on onions in August. The export ban was the first intervention in onion exports since January, 2021. The government has not imposed a ban on onion exports since 2021 which was the norm a few years back.
During the first half of the current fiscal, India has exported 1.31 MT of onion mostly to Bangladesh, Malaysia, United Arab Emirates, Sri Lanka and Nepal. India exported a record 2.5 MT of onion 2022-23, which is an increase of 65% from the previous fiscal.
The estimated production of onion during the 2022-23 crop year (July-June) is around 31.8 MT against 31.7 MT reported in the previous year.
Related Posts
The National Stock Exchange’s (NSE) decision to cap the issue price of small and medium enterprises’ (SMEs) initial public offerings (IPOs) at 90% in the special pre-open sessions comes at a time when there has been growing concerns about the significant oversubscription and listing gains in the segment.
Sample this: In 2024, at least four SME IPOs were listed at a premium of a whopping 300-400%.
But that’s not all. Oversubscription has also been hitting new records. The recent example is HOAC Foods, which was subscribed a record 1,834 times and the retail investor portion received 2,350x subscription. The manufacturer of flour and spices launched its Rs 5.54-crore fixed price public issue on May 16 with an offer price of Rs 48 per share. It got listed at a premium of slightly over 200%.
The surge in the number of SME issues listing with exorbitant gains has been quite eye-popping. In the first six months of 2024, 39% of 117 SME IPOs were listed with o…
Oil rose in early Asian trade on Wednesday, supported by tightening global crude supply ahead of a panel meeting of OPEC+ ministers.
Brent crude oil futures rose 6 cents to $90.98 a barrel by 0004 GMT, while U.S. West Texas Intermediate crude (WTI), rose 11 cents to $89.34 per barrel.
The Organization of the Petroleum Exporting Countries and allies, or OPEC+, is expected to keep output policy unchanged when it meets on Wednesday, after members Saudi Arabia and Russia extended output cuts to the end of the year.
Market rally leads to higher regulatory fees for stock exchanges Meghalaya High Court bans single-use plastic – How grave is plastic use crisis in India? Mining stocks NMDC, Vedanta, Hind Zinc, MOIL, Coal India plunge as much as 5% after SC allows states to collect past dues on royalties Eicher Motors jumps over 5% on strong Q1; Brokerages see as much as 20% upside
Saudi Arabia is expected to raise its November official selling price…
By Gaurang Somaiya
Rupee earlier in the month came under pressure and fell to fresh all-time lows after data showed trade deficit widened to the highest level in 10-months to $24.2 in August as compared to $20.7 billion in the previous month. At the end of the week, there was an announcement that came in from JP Morgan to include India into its emerging market bond indexCome from Sports betting site. The index provider will add the securities to the JPMorgan Government Bond Index-Emerging Markets starting June 28, 2024 and will have a weightage of a maximum weight of 10% on the index. The inclusion is likely to prompt flows of close to $30billion thereby lending strength to the rupee. In line with expectation the Federal Reserve held rates unchanged but hinted for one more rate hike in this year. Recent indicators suggest that economic activity has been expandi…
By Gaurav Arora
The May series Nifty futures is currently trading with a premium of around 120 points.
For the Index futures, FII Net Index Long exposure is at 35% which is more or less at around the same levels for quite some time now.Come from Sports betting site
The indices managed to find support around lower levels after a decent profit taking from record highs.
P2P lending platforms to seek relaxation from RBI Using tragedy as content: The ethical fallout of exploiting sensitive events on social media Govt sounds sovereign funds for offloading its stake in Vi SFIO looking into low investor claims in Sahara case: Sitharaman
Going forward, we believe, 21700-800 might be the major support and only a decisive close below it might bring in some downside.
Also Read
PSP Projects to raise Rs 244 crore via QIP; sets floor pric…
Take-Two’s latest earnings report only has the barest direct mention of Grand Theft Auto 6, which says that active development is “well underway” on GTA 6–the same wording Rockstar used when it announced the game over a year ago. CEO Strauss Zelnick has dropped a hint that the company will be releasing something major in the 2025 fiscal year, however, which seems likely to be the highly anticipated GTA sequel.
It’s clear from Take Two’s forecasting that GTA 6 won’t be released within the 2024 fiscal year, which ends on March 31 2024–though it was already unlikely that we would see the game that early. Take-Two CEO Strauss Zelnick instead hinted that the 2025 fiscal year, which runs from April 2024 to March 2025, would have a “a significant inflection point…which we believe will include new record levels of operating performance.” It’s highly likely that the inflection point refers to Grand Theft Auto 6’s release, as one of the most-anticipated games currently known to be i…
PC peripherals brand Glorious has been around for a while, launching numerous great mice, keyboards, wrist rests, and more. But none of its products have been as eye-catching as its GMMK Pro keyboard–a new product that aims to make getting your hands on a custom keyboard kit easier while also opening the hobby to a much larger audience.
Custom keyboards have been an expensive and relatively small hobby for a while, but recently the scene has seen an explosion of interest. This doesn’t mean many of the components you need to make your own board are easy to get. Many kits, like the one Glorious is selling with the GMMK Pro, can usually only be purchased through extended group buys or in limited-quantity sales, meaning you’re either going to need to get lucky or have a lot of patience to get one.
The GMMK Pro aims to change that while also being a compelling option at its price point. Glorious ran its own pre-sale period for this keyboard earlier this year, but starting Ju…
BGaming has successfully ventured into the regulated Bulgarian market through a strategic partnership with leading operator Inbet. This collaboration marks a significant milestone for BGaming as it integrates its entire gaming portfolio, including popular titles such as Bonanza Billion, Elvis Frog in Vegas, and Wild Cash, with Inbet’s platform. The move follows BGaming’s sustained success in nearby markets like Romania and Serbia.
Integration with Inbet’s platform:
Inbet, one of Bulgaria’s largest online casinos, offers over 3,300 games from more than 40 top providers. With the integration of BGaming’s collection, Inbet’s extensive catalogue now features an additional 150+ highly engaging games. This partnership is set to enhance Inbet’s offerings and provide a broader range of gaming experiences to its users.
BGaming’s expansion in Europe:
This latest partnership underscores BGaming’…
In a recent development, Federal Court Justice Michael Lee has raised doubts about Crown’s assertion that it cannot afford to pay the AUD450 million ($301 million) fine imposed by AUSTRAC in a single payment. The fine was levied against the casino giant for numerous breaches of anti-money laundering and counter-terrorism laws.
Justice Lee Questions Crown’s Financial Predicament in Landmark Court Proceedings
During the court proceedings, Justice Lee emphasized that the penalty was already at the lower end of what would be considered an appropriate punishment for the company’s “absolutely egregious” misconduct, reported the Australian Financial Review. Crown’s suggestion to pay the fine over a two-year period would reduce its net present value to AUD406 mil…
Turkish marketing technologies provider Playable Factory Company has announced its premiere of the creative H5 Games service for partners that may be looking to bring their online casino games to mobile-friendly platforms.
The Istanbul-headquartered firm used an official Wednesday press release published by European Gaming Media and Events to detail that the new HTML5-friendly advance has been designed to give games developed using the Unity platform a new life on services such as TikTok.
Evolving environment:
Playable Factory Company explained that the launch of its H5 Games enterprise comes after the introduction of app tracking transparency functionalities from American telecommunications technology giant Apple Incorporated led many mobile studios and publishers to begin seeking additional revenue streams away from the traditional Google Play and the Apple App Store services. However, the innovator stated that this process ‘has been f…
Bruce Smith Enterprise and The Cordish Companies secured major approval for their proposed $1.4 billion dollar project, Live! Gaming & Entertainment District. The massive mixed-entertainment project is planned to be located in the City of Petersburg, Virginia, using land near the intersection of Wagner Road and Interstate I-95. The strategic location is expected to help with the visitation to the Live! Gaming & Entertainment District, considering that it provides easy access to one of the most important north-south interstates for the East Coast.
On Thursday, the Cordish Companies and Brice Smith Enterprise received approval for their massive project from the Petersburg City Council. The unanimous approval marks an important achievement for the duo, taking them a step closer to the realization of the ambitious project. Still, prior to commencing the project, the matter…