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Onion price cheaper this time around compared to last year: Union Ministry

Onion price cheaper this time around compared to last year: Union Ministry
The prices of onion this year are cheaper as compared to last year and the government’s effort to ease the prices is now bearing results.

Agriculture

Onion price cheaper this time around compared to last year: Union Ministry

The prices of onion this year are cheaper as compared to last year and the government’s effort to ease the prices is now bearing results, says the Ministry of Consumer Affairs, Food & Public Distribution. The all India retail and wholesale prices of onion are presently Rs 40.13 per kg and 3215.92 per quintal respectively.onion




The ministry, in an official statement, said it may be noted that onion prices had started rising from the first week of October 2021 due to rains that disrupted the supply chain. “In order to cool down prices, the Department of Consumer Affairs has taken up calibrated and targeted release of onions from the buffer on First-in-First-Out (FIFO) principle, guided by the twin objectives of moderating prices and ensuring minimal storage loss.”

It said that till November 2, 2021, a total of 1,11,376.17 metric tons has been released in major markets such as Delhi, Kolkata, Lucknow, Patna, Ranchi, Guwahati, Bhubaneshwar, Hyderabad, Bangalore, Chennai, Mumbai, Chandigarh, Kochi and Raipur. In addition, onions are disposed of in local markets in Maharashtra, Madhya Pradesh and Gujarat.

Moreover, the Department of Consumer Affairs has also offered onions from the buffer at Rs 21 per kg to all states and Union Territories for lifting from the storage locations. “This would enable states and Union Territories to take up, by themselves, market interventions either through direct supply to retail consumers through retail outlets or release in key markets to bring down prices,” the statement said. “The stocks are also available for supply to central and state agencies involved in retail marketing either at ex-storage rate of Rs 21 per kg or at a landed price after including transportation costs.”


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It should be noted that the onion buffer has been maintained by the Department of Consumer Affairs under the Price Stabilization Fund (PSF) with the objective of effective market intervention to moderate prices. The ministry highlighted that in 2021-22, against the target of building 2 LMT onion buffer a total of 2.08 LMT was procured from Rabi-2021 crop during April to July 2021.


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