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Government bans onion exports to cool prices

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Government bans onion exports to cool prices
Government has banned exports of onion with immediate effect to cool down its prices. The price of onions was on continuous rise from past few weeks.
 

Though, food inflation stepped down a little from double digit to 9.55% for the week ended August 29, but still, it's higher than government's comfort zone. Government is planning to control food inflation as soon as possible.

To control high onion prices, it banned exports of onion. The decision was taken at an Empowered Group of Ministers meeting headed by Finance Minister Pranab Mukherjee.

It, however, lifted the four-year ban on wheat export and allowed the export of grain, including non-basmati rice.

Officials said that the export of wheat would be stopped once shipments reach 20 lakh tonne while non-basmati rice would be capped at 20.65 lakh tonne. Wheat export was banned in early 2007 when output had fallen.

The government lifted up wheat and non-basmati rice again as the prices of both the items remained stable.

Onion prices have been rising the past few weeks as the standing kharif crop is feared to have been affected due to delayed rain in some parts of the country.

GoodReturns.in

Read more about: inflation government onion wheat
Story first published: Friday, September 9, 2011, 13:27 [IST]
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