New Delhi: In response to escalating onion prices this month, the Finance Ministry has promptly introduced a 40% duty on onion exports, effective immediately and lasting until December 31 this year.
Concurrently, tomato prices have also observed an upward trend in August, although recent data hints at a slight retreat in rates, as reported by the Reserve Bank of India (RBI) in its latest bulletin.
Additionally, the bulletin highlighted sequential increases in onion and potato prices. Furthermore, on August 11, the central government initiated the release of onions from its buffer stock.
This decision aligns with the government’s plan to maintain a 3 lakh tonne onion buffer stock for the 2023-24 season, following the maintenance of a 2.51 lakh tonne buffer stock in 2022-23.
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