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A big move by Government to curb onion price hike

To curb the accelerating price hike of onions, India is going to import 100,000 tons of onions informed the Food and Consumer Affairs Minister Ram Vilas Paswan, in a message on Twitter on Saturday.

The onions will be imported by State-owned trading firm MMTC Ltd. so that they are available for distribution between Nov. 15 and Dec. 15, the minister further said in the public announcement. Besides, State co-operative National Agricultural Cooperative Marketing Federation of India Ltd. will supply them in the local market.

Prime Minister Narendra Modi’s administration-led step has a motive to control the prices of the kitchen staple that has contributed to bringing down past governments.

A more than 200% surge in onion prices has pushed India’s September headline inflation rate to its highest level since July 2018 after heavy monsoon rains damaged crops and reduced supplies. The government has also banned onion exports and cracked down on hoarding.

MMTC had floated two tenders to import onions earlier, slated to close this month, according to documents on the MMTC website.

Editorial Desk at Agrigate.Global

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