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India on September 14 placed a ban on export of onions, after a spike in wholesale prices.
The government may impose a new minimum export price (MEP) on onions, CNBC-TV18 reported.
India on September 14 placed a ban on export of onions, after a spike in wholesale prices. The onion prices trebled at Lasalgaon market after heavy rainfall in southern states hurt the crop.
The National Agricultural Cooperative Marketing Federation of India (NAFED) will immediately release 500 mt of onions in Mumbai, Delhi, Kolkata, Pune, Hyderabad, Ahmedabad and Indore, the news channel reported.
The government will continue monitoring onion cultivation and prices over the next few moths. The finance ministry has asked for a detailed analysis of the current prices of onions, the report said.
The finance ministry believes that the spike in onion prices was seen without a significant increase in demand, sources told CNCB-TV18.
The government will procure onion seeds from all possible sources to increase cultivation, the report added.
India is the world's biggest exporter of onions, supplying it to countries such as Bangladesh, Nepal, Malaysia, and Sri Lanka.