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India to lift onion export ban on March 15

India to lift onion export ban on March 15

Dhaka, March 03 – The Indian government is going to lift its ban on onion export on March 15, its Commerce and Industry Minister Piyush Goyal said Monday.“Paving the way for economic empowerment of farmers, Government will allow export of onions from March 15,” he tweeted.
He termed the decision as a welcome step towards the welfare of domestic producers and also ensuring additional revenue for them.
The Indian government had imposed the ban on onion exports on September 29 last year for improving their domestic availability.
After more than five months, the government decided to lift the ban to ensure that the Indian farmers get better prices for their Rabi onions which are expected to arrive in the market in huge quantities this month.
Onion prices jumped by 557.8 percent in Bangladesh only two months after India had banned its export on September 29 last year. Each kg of the bulb cost about Tk 30 before the ban.
Reports of India’s decision to lift the ban pushed down prices of the bulb by up to Tk 30 in Bangladesh.
According to the Commerce Ministry, the annual demand for onions in Bangladesh ranges between 2.2 and 2.5 million tonnes. Although the country’s own annual production has risen, so has the imported amount over the last decade.
Commerce Ministry figures show the amount imported was hardly 0.4 million tonnes in FY’ 09, but had touched upto 1.1 million tonnes in recent years. – UNB