Govt Removes Minimum Export Price on Onions To Boost Shipments
The commerce ministry has given free reign to boost onion shipment outside of India.
The government has scraped the minimum export price (MEP) on onions, a move that is expected to encourage out-bound shipments of the commodity.
This development was shared by the Directorate General of Foreign Trade earlier on Thursday on Twitter.
MEP is the rate below which no trader is allowed to export. The rise in MEP restricts exports and improves domestic supply. The same was tweeted by Commerce and Industry Minister of India.
In August, the government had hiked onion MEP to $ 700 per tonne, from $ 425, as prices at both wholesale and retail levels skyrocketed on lower output due to unseasonal rains. The latest revision should come across as a boost to people involved with shipping on the bulb across the globe.
Also earlier this month, the government had slashed the minimum export price (MEP) on onions to $ 400 per tonne from $ 700 to encourage outbound shipments of the commodity.
On Onion, the decision has been taken today to reduce the Minimum Export Price (MEP) of onion from $ 700 tonne to $ 400 a tonne.GDFT Notification
(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)
Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.