Retail onion price goes down in India

New Delhi, August 19 – Retail prices of onion have come down to Rs 60/kg on Monday from Rs 80/kg last week, while wholesale prices at Lasalgoan in Nashik district of Maharashtra have fallen to Rs 35.65/kg now from the high of Rs 55/kg.

 

Agriculture minister-India has said that it is hard to predict for the onion price to fall. According to the source, minister has said that rain has hit most of key growing states of onions.

 

He has said that the minister had said the rise in onion prices was a "temporary situation" and prices would cool down once arrival begins from the key growing states.

 

To control rising prices, the government had imposed a minimum export price (MEP) of $650 per tonne and had directed cooperative major NAFED to import onions. Onion prices are likely to be under pressure till October when the new crop is expected to hit the market.

 

India has exported 5,11,616 tonnes of onion amounting to Rs 776.47 crore in the first quarter of this fiscal against 5,17,274 tonnes in the year-ago period, as per official data.

 

Source, TOI