India bans onion exports
Due to natural calamities like rains, onion production has declined. Despite government interventions like procuring onions through NAFED and selling them in the market at subsidized prices, onion prices in the Indian market have been increasing since the last 5-6 months. The government initially imposed an export tax of 40% on onions, which was later reduced to 20% due to boycott by farmers and their organizations. But this did not help reduce exports and prices as expected. The government then imposed a minimum export duty (MEP) of $800/metric ton on onions, which slightly reduced exports as this rate was not applicable to all export destinations. Today, the Indian government has taken a major decision to ban on onion exports completely. India's export targets India has set a target of USD 1 trillion in exports and USD 100 billion in agricultural exports by 2030. All government policies and infrastructure are aligned with this goal. However, the Indian government unexpectedly decided to…
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