New Delhi: The government announced the lifting of the ban on onion exports while simultaneously instituting a minimum export price (MEP) set at $550 per tonne on Saturday. This decision holds particular significance given the political sensitivity of the commodity, especially during ongoing general elections in the country.
According to a notification from the Directorate General of Foreign Trade (DGFT), the export policy for onions has been revised from prohibited to free, albeit subject to the MEP of $550 per metric ton, effective immediately and until further notice.
Interestingly, this move follows a recent imposition of a 40% duty on onion exports by the government. Additionally, it is worth noting that back in August of last year, India had enforced a 40% export duty on onions until December 31, 2023.
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