oppn parties Centre Announces Measures To Bring Down Onion Prices

News Snippets

  • The government decides to decriminalize more than two-thirds of penal sections in the Companies Act
  • Muslim groups tell the Supreme Court that they want the Babri Masjid to be restored
  • Muslim groups claim that while they were asked questions in court, Hindus were not questioned
  • Postpaid mobile services restored in Jammu & Kashmir from today, but still no internet
  • Abhijit Banerjee, an Indian-American currently a professor at MIT, wins the 2019 Noble prize in economics jointly with two others
  • Industrial output slumps in August as the IIP shrinks by 1.1%
  • Prime Minister Modi and Chinese President Xi Jinping watch a cultural show at the Shore Temple in Mamallapuram
  • J&K administration lifts the ban on entry of tourists in the Valley, but it remains doubtful how many will visit without being able to use mobile phones and internet
  • After Sena asks members to support the BJP candidate in Kalyan, 26 party corporators and 300 members resign setting off a crisis
  • The Centre sets up a 12-member committee to suggest systemic changes in the GST structure to improve compliance and collection, prevent misuse and evasion and rationalize rates and slabs
  • In line with the RBI outlook on the Indian economy, rating firm Moody's also downgrades growth forecast from 6.8% to 5.8% this year, saying the economy is experiencing a pronounced slowdown
  • HDFC chairman Deepak Parekh says the financial system in India does not offer foolproof security for misuse of the savings of the common man
  • Shivinder Singh and Malvinder Singh, promoters of Ranbaxy and Fortis, arrested for their role in Religare Finvest scam
  • Supreme Court says marriage can be dissolved if it has broken down irretrievably
  • DA of Central government staff hiked by 5% to 17%
Sourav Ganguly is the new president of BCCI, says conflict of interest is a big concern
oppn parties
Centre Announces Measures To Bring Down Onion Prices

By A Special Correspondent

The price of onions has been heading north as supplies have been disrupted from Maharashtra, the major supplier of the commodity across India. The government has been taking several steps to ensure that the prices remained at manageable levels. It had imposed a minimum export price of $850 per tonne after which exports had gone down a little. Yet, there was no easing of prices in the domestic market.

In a concerted move by many government departments today, the government moved to place a complete ban of export of onions and to limit the stocks retailers and wholesalers can keep with them at a time. The Directorate General of Foreign Trade issued a notification saying "export of all varieties of onions is prohibited from immediate effect". The move is likely to improve domestic supplies

With supplies in the domestic market hit by floods in Maharasthra and with prices rising every few days, it was seen that traders were hoarding the commodity. Once they have seen good prices, these traders would have continued to rig prices by hoarding onions and curtailing supply. Hence, the Consumer Affairs Ministry imposed a stock limit. Retailers can hold only 100 quintals of onions and wholesalers 500 quintals. States have been asked to take strict measures to enforce this.

The price of onions is a very sensitive matter as the vegetable is used in almost all kitchens in India, almost every day and in good quantity. Hence, the government has done well do take these measures. It is now upon the states to ensure that unscrupulous traders do no create an artificial shortage and rig prices.