Soaring onion prices leave people teary-eyed
Onions literally left consumers teary-eyed as their prices surged. Currently, the onions sell for about Rs 70 to 80 per kg depending on the locality.
In a significant move, the Central government lifted the minimum export price (MEP) of $550 per tonne on onions but tightened the stock holding limit on wheat.
“The Minimum Export Price (MEP) condition on export of onions is removed with immediate effect and until further orders,” the Directorate General of Foreign Trade (DGFT) said in a notification.
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In order to manage the overall food security and to prevent hoarding and unscrupulous speculation, the Government of India imposed stock limits on Wheat applicable to Traders/Wholesalers, Retailers, Big Chain Retailers and Processors in all States and Union Territories.
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As per the latest order, traders can now hold only 2,000 metric tonnes of wheat against 3,000 metric tonnes earlier, the statement said.
The government has also tightened stock-holding limits for wheat processors.
Its order said that processors can now hold 60% of the monthly installed capacity multiplied by the remaining months of FY25. Earlier, this was 70% of the installed capacity. Processors include biscuit and bread makers.
A total production of 1129 LMT of wheat was recorded during Rabi 2024 and there is ample availability of wheat in the country, Ministry of Consmer Affairs said.
Notably, all wheat stocking entities are required to register on the wheat stock limit portal and update the stock position on every Friday.
In case the stocks held by above entities are higher than the above prescribed limit, they shall have to bring the same to the prescribed stock limits within 15 days of issue of the notification.
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