Government Lifts 20% Export Duty on Onions: A Win for Farmers and Exporters
Good News for Farmers and Exporters
In a bid to support farmers and exporters, the government has removed the 20% export duty on onions. This change will take effect starting April 1, 2023.
Revenue Department’s Announcement
The Revenue Department announced this update on Saturday. The consumer affairs department released an official statement, emphasizing that this decision demonstrates the government’s dedication to ensuring fair prices for farmers while keeping onions affordable for consumers.
Drop in Mandi and Retail Prices
Although current mandi prices are higher than those during the same period in previous years, there has been a 39% decrease in the all-India weighted average modal prices. Moreover, all-India average retail prices have dropped by 10% over the past month.
Global Market Worries and Modal Price Decrease
The decision to eliminate the export duty is in response to concerns raised by traders about India losing its share in the global market. Additionally, the modal price (most common price across centers) has dropped to Rs 1,420 from Rs 2,270 per quintal in the past three weeks, a reduction of Rs 850 per quintal.
- Government eliminates 20% export duty on onions
- Change to take effect from April 1, 2023
- Aims to support farmers and exporters
- Mandi and retail prices have decreased
- Addresses concerns about losing market share in the global market
