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Some Solace From Onion Prices

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There has been some relief from skyrocketing rates of onions due to government interference. Prices in Lasalgaon, the country’s largest market, have come down by about Rs 5 a kg. In other wholesale markets, the price has been decreased by 10 rupees per kg. In order to control the prices of onion, the government has decided to increase the import along with stock limit, which has led to a slight softening in prices.

  • The government has imposed a stock limit on onions, under which the wholesaler will now be able to keep 25 tons of onion stock.
  • Retailers will be able to keep 2 tonnes of onion stock. Action will be taken if more stock is found. Nafed has sold 42000 tonnes of onions so far.
  • Nafed has 20 to 25000 tonnes of stock left. Nafed bought 98,000 tonnes of onions this year. The government is also preparing to import onions.
  • After the government’s intervention, the wholesale price of onion in major markets like Delhi, Mumbai and Chennai has come down by Rs 10 per kg. It has been reported in government data.
  • The government has fixed the maximum storage limit for onion in view of skyrocketing prices. Apart from this, measures have also been taken to increase imports along with curbing exports.

A day after the government intervened, prices have also softened in the productive areas. For example, in Lasalgaon, Maharashtra, its price has dropped by five rupees and it has come down to 51 rupees per kg. Lasalgaon is the largest wholesale market for onions in Asia. According to government data, wholesale onion prices in Chennai fell from Rs 76 per kg on 23 October to Rs 66 per kg on 24 October. Similarly, rates in Mumbai, Bengaluru and Bhopal also fell by Rs 5-6 per kg to Rs 70 per kg, Rs 64 per kg and Rs 40 per kg respectively.

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