financetom
Business
financetom
/
Business
/
Government approves import of 1.2 lakh tonnes onion to curb price rise
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Government approves import of 1.2 lakh tonnes onion to curb price rise
Nov 20, 2019 1:29 PM

The Cabinet on Wednesday gave its approval to the food ninistry's recent decision to import 1.2 lakh tonnes of onions in a bid to improve the domestic availability of the key kitchen staple and check prices.

Share Market Live

NSE

Union finance minister Nirmala Sitharaman informed about the decision at a media briefing after the Cabinet meeting.

Also read:

Cabinet gives approval for disinvestment of 5 CPSEs including BPCL

On November 16, food and consumer affairs minister Ram Vilas Paswan had announced that the government will import 1,00,000 tonnes of onions through state-run MMTC, which has already floated a tender for buying 4,000 tonnes of the commodity from the global market.

The government is also facilitating private imports and also relaxed phytosanitary and fumigation norms until December.

Also read: Relief for telecom sector: Government grants 2-year moratorium for spectrum payment

The move comes after the government's various efforts to boost the domestic availability failed to cool down the retail prices significantly. Retail prices of onions are continuing to rule above Rs 60/kg in the national capital and other consuming centres.

Onion prices have come under pressure due to 26 percent fall in the production to 52.06 lakh tonne during the kharif output late-kharif seasons of 2019-20.

The all-India average retail price of onion stood at Rs 60.38 per kg on November 15, compared with Rs 22.84 per kg on the same date last year.

Besides easing norms for onion import, the government has taken several measures including a ban on exports, stock limits on traders and sale of the commodity stored as a buffer, at a subsidised rate.

First Published:Nov 20, 2019 10:29 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Xiaomi CEO teases price on upcoming car, showrooms begin displaying vehicle
Xiaomi CEO teases price on upcoming car, showrooms begin displaying vehicle
Mar 24, 2024
BEIJING (Reuters) -Xiaomi's CEO said on Monday his goal for the firm's first electric vehicle was that it would be the best looking, easiest to drive and smartest car priced below 500,000 yuan ($69,424), as the Chinese electronics maker gears up for orders this week. The company will on Thursday evening announce its official price range and start taking orders...
Big hotel chains and unbranded-hotel owners find they need each other
Big hotel chains and unbranded-hotel owners find they need each other
Mar 24, 2024
NEW YORK (Reuters) - Independent hotel operators and giant global chains are increasingly linking up in franchise agreements as high-interest rates have slammed the hospitality industry, slowing down new hotel construction. For big chains, new franchise agreements from conversions keep investors happy by opening new hotels in the short term. Meanwhile, independent, unbranded hotels like switching to franchise agreements because...
Asia private equity deals set for worst Q1 since 2015, data shows
Asia private equity deals set for worst Q1 since 2015, data shows
Mar 24, 2024
HONG KONG (Reuters) - Private equity-backed mergers and acquisitions in Asia are set for their worst start to the year in nearly a decade, as a lull in dealmaking in China and broader economic and geopolitical uncertainties dragged on sentiment, data showed. PE-backed M&A in Asia totalled $13.5 billion over January to March 19, down 32% from the corresponding year-earlier...
H&M's new boss Erver faces battle to reboot sales
H&M's new boss Erver faces battle to reboot sales
Mar 24, 2024
LONDON (Reuters) -Investors will be looking for reassurances from new H&M CEO Daniel Erver that he has the right plan to reboot revenue growth when the fast fashion retailer reports its first quarterly earnings under his leadership on Wednesday. Erver took the helm in January after his predecessor Helena Helmersson stepped down unexpectedly on the day of H&M's annual results,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved