FMT:
India imposes 40% export duty on onions
The ministry of finance aims to contain retail inflation caused by rising food prices.
The scantiest rainfall in onion-growing states in India has created onion shortages in the domestic market. (AP pic)
NEW DELHI: India, the world’s biggest exporter of onions, has imposed a 40% export duty on onions with immediate effect.
The additional duty will be in force until Dec 31.
The United Arab Emirates is among the biggest markets for Indian onions along with Bangladesh, Nepal, Malaysia, and Sri Lanka, Emirates News Agency reported.
The curbs on export have been prompted by the scantiest rainfall in a century this month in onion-growing states in India, which is creating onion shortages in the domestic market.
August is the peak season in India for onion harvesting. Pakistan, China, and Egypt are among the other global exporters of onions.
India’s ministry of finance, which imposed the new export duty, wants to contain retail inflation caused by rising prices of vegetables and other food items.
This is the second recent effort by India to contain retail inflation caused by food prices. Last month, India imposed a ban on non-basmati white rice. India accounts for about 40% of the world’s source of exported rice.
NEW DELHI: India, the world’s biggest exporter of onions, has imposed a 40% export duty on onions with immediate effect.
The additional duty will be in force until Dec 31.
The United Arab Emirates is among the biggest markets for Indian onions along with Bangladesh, Nepal, Malaysia, and Sri Lanka, Emirates News Agency reported.
The curbs on export have been prompted by the scantiest rainfall in a century this month in onion-growing states in India, which is creating onion shortages in the domestic market.
August is the peak season in India for onion harvesting. Pakistan, China, and Egypt are among the other global exporters of onions.
India’s ministry of finance, which imposed the new export duty, wants to contain retail inflation caused by rising prices of vegetables and other food items.
This is the second recent effort by India to contain retail inflation caused by food prices. Last month, India imposed a ban on non-basmati white rice. India accounts for about 40% of the world’s source of exported rice.
India is expecting a very bad crop harvest this year across a wide variety of agricultural products.
ReplyDeleteThe drought earlier in the year has been followed by disastrous monsoon floods.
India has been frank about the challenges it faces.
The other country , China, with a huge population to feed, and also a massive negative impact on agricultural output this year, is going about everything as A-OK, even maintaining restrictions on agricultural imports from Australia for geopolitical purposes.
The China-worshippers in my social circle don't even realise China is facing a very problematic agricultural harvest this year, because the China-approved posts that they depend on has everything perfectly fine.
Wakakakaka…
Delete"The China-worshippers in my social circle don't even realise China is facing a very problematic agricultural harvest this year, because the China-approved posts that they depend on has everything perfectly fine."
In the same mode as u mfering demoNcratic lover don't even want to admit that yr favorite West r facing expected economic chaos with high inflation & low growth, bcoz those western mouthpieces r playing selective comparison with twisted logic to hide their dire circumstances!