The Directorate General of Foreign Trade (DGFT) is a division of the ministry that oversees trade and imports, recently declared the extension of the prohibition on exports of onion until the end of time. The ban was originally scheduled to expire on March 31, 2024 the measure is designed to increase supply in the domestic market and help maintain prices.

The restriction, first announced on December 8th 2023, has been a reflection of the continuous efforts to regulate the market’s dynamics for this commodity. In spite of a forecast for production of 22.7 million tons during the rabi period of 2023 The government has selectively granted onion exports, and has approved 64,400 tons for the UAE as well as Bangladesh through NCEL. National Cooperative Exports Ltd (NCEL).

To ease the consumers’ burdens the government has previously ordered that buffer onion stock with a price of 25 rupees per kilogram and imposed the minimum price for export of $800 per tonne together with an export duty of 40% up to 2023.

“Rs 100 equals EUR1.10 [ Rs 100 = EUR1.10

Source: business-standard.com