Thursday, July 9, 2020 | ePaper

India may extend onion export ban to Feb

  • Print
Reuters, Manchar :
India may keep a ban on onion exports until February because domestic prices have risen after the harvest of summer-sown crops, which were expected to augment supplies, was delayed and damaged by untimely rains, a government official said.
The ban on overseas sales by India, the world's biggest exporter of the bulb, will keep prices elevated in Asia and require importers in Nepal, Bangladesh and Sri Lanka to find other sources to fulfil their demand.
Despite the export ban enacted in September to keep domestic supply inside India, prices have surged after rain and floods during October and November limited onion supply, especially in Maharashtra, the country's biggest producer.
Wholesale onion prices are about 40 rupees (55 cents) per kg, down slightly from 55 rupees earlier this month, the highest in six years, according to data compiled by the state-run National Horticultural Research and Development Foundation.
"We will think about resuming exports once prices come down. Right now it is not possible," a senior government official at the Indian Department of Consumer Affairs said on Monday.
"From January onwards supplies are expected to rise meaningfully. Once prices come down to a comfortable level, say below 20 rupees (per kg), then we can allow exports," he said, asking to remain unidentified because he is not authorized to speak to the media.
A spokeswoman for India's Ministry of Commerce, which enacted the ban at the request of the Consumer Affairs department, did not immediately respond to an email requesting comment on how long the export ban would last.
Onion growers and government officials expected the ban would be lifted by the middle of November anticipating higher supplies from the summer crop.
Sakharam Darekar, a 79-year-old farmer from the village of Ghodegaon, 180 km (108 miles) east of Mumbai, said that last month's heavy rainfall left fields waterlogged for several days and damaged the onion crop on his 2-acre (0.8 hectares) plot that was ready for harvesting. The rains have also delayed planting of the winter-sown crop by damaging seedlings in nurseries.

More News For this Category

Dohatec delivers Bhutan e-GP system phase

Dohatec delivers Bhutan e-GP system phase

Business Desk :Dohatec New Media, an international Software vendor of Bangladesh, developed and delivered e-GP system for Bhutan Government.The Phase ll of the e-GP system was was launched by

Stocks maintain positive trend

Economic Reporter :Stocks extended the gaining streak for the three consecutive sessions on Wednesday as some investors continued to show their buying appetite following the minimum shareholding ultimatum by

Prime Bank, BACCO launch financing alliance

Business Desk :Prime Bank Limited and Bangladesh Association of Call Center and Outsourcing (BACCO) have joined hands together to facilitate financing for the entrepreneurs in the field of call

Pran founder Amjad Khan's 5th death anniv observed

Pran founder Amjad Khan's 5th death anniv observed

Business Desk :The fifth death anniversary of Major General (retd) Amjad Khan Chowdhury, pioneer of agro-processing industry of Bangladesh and founder of PRAN-RFL Group, has observed on Wednesday.On the

Bill placed in JS to raise BB governors' age limit to 67 years

Business Desk :The Bangladesh Bank (Amendment) Bill, 2020 has been placed in Parliament to extend the age limit of the governor of the central bank to 67 years.Planning Minister

ADB sells $4b 3-year global benchmark bond

ADB sells $4b 3-year global benchmark bond

Business Desk :The Asian Development Bank (ADB) returned to the US dollar bond market with the pricing of a $4 billion three-year global bond - the proceeds of which

Bangladeshi women move forward in trade success: Tipu

Business Desk :Commerce Minister Tipu Munshi said Bangladeshi women have come a long way in terms of trade success and the government is providing necessary assistance to women in

BD likely to continue steady growth rates: HSBC economist

BD likely to continue steady growth rates: HSBC economist

Business Desk :As global growth recovers in the coming quarters, Bangladesh stands to benefit from its strong economic fundamentals and will likely continue to deliver steady growth rates despite COVID-19

Legal action if turnover certificate not hung at business firms

Economic Reporter :The National Board of Revenue (NBR) has directed the VAT administration at the field level to take legal actions against those registered business firms which do not hang

Stocks maintain upward trend on large-cap vibe

Economic Reporter :Stocks on Tuesday maintained an upward trend as major indices of both Dhaka and Chittagong Stock Exchanges were found rising with higher activities of some large-cap securities.The broader