Business Standard

Govt removes minimum export price on onion; aims to benefit Indian farmers

A DGFT notification issued on Friday removed the MEP with immediate effect

onion, onions

Onions (Photo: Shutterstock)

Press Trust of India New Delhi

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The government on Friday scrapped a minimum price threshold that it had set previously for exports of onion as it looked to pass on the benefit of international glut to Indian farmers.

The government had previously fixed a USD 550 per tonne as the minimum export price (MEP), which essentially meant farmers could not sell their produce overseas at lower than this rate.

A DGFT notification issued on Friday removed the MEP with immediate effect.

The move comes ahead of assembly elections in Maharashtra, a key onion producing state.

The move would help promote exports of the commodity.

"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.

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sep 13 2024 | 6:12 PM IST

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