This is the first time that the National Cooperative Consumers’ Federation of India Limited purchased onions to be part the price stabilisation fund (PSF) to control the prices on the market for this vegetable. The NCCF is among the central government agencies that are responsible for stabilising the market prices of food items, is set to be releasing their buffer stock of onions for the Azadpur mandi on Friday in order to halt the pattern of rising the cost of onion, sources of the issue said.

Yogendra Prasad Singh, the Regional Director of the NCCF, Delhi, said that there was a possibility that onion prices could see a significant price increase over the next couple of months, and that the NCCF took the necessary steps to supply the market. “There was some unusual rains in the US that mostly supply onions because of that a significant portion of onions that are stored in cold storage have been damaged. It is possible that prices for onions are going to rise significantly over the next few months, which is the reason why NCCF is deciding to become in the game,” said Singh.

NCCF has purchased 150,000 tons of onion from Lasalgaon located in Nashik, Maharashtra, while the National Agricultural Cooperative Marketing Federation of India Limited (NAFED) has also procured 150,000 tonnes of onions in Maharashtra as well as Madhya Pradesh in the months between June and July.

Source: hindustantimes.com