Govt to procure 15,000 tons onion for buffer stock

The procurement of onions would begin from next month, a top official in the Consumer Affairs Ministry official said.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney Tech Control
moneycontrol.com

Home » News » Economy

Mar 02, 2016, 09.00 AM | Source: PTI

Govt to procure 15,000 tons onion for buffer stock

The procurement of onions would begin from next month, a top official in the Consumer Affairs Ministry official said.

Like this story, share it with millions of investors on M3

Govt to procure 15,000 tons onion for buffer stock

The procurement of onions would begin from next month, a top official in the Consumer Affairs Ministry official said.

Post Your Comments

Share Cancel

Govt to procure 15,000 tons onion for buffer stock
The government will buy 15,000 tonnes of onion from farmers to create a buffer stock to be utilised for market intervention in the event of price rise during a lean season.

The procurement of onions would begin from next month, a top official in the Consumer Affairs Ministry official said.

Last year, the retail price of onion had skyrocketed to about Rs 80-90 per kg. The sharp rise in prices had forced the government to boost supply in the market by purchasing onions from domestic as well as overseas market.

"We have decided to buy 15,000 tonnes of onion from next month from Lasalgaon in Maharashtra," Consumer Affairs Secretary C Viswanath told reporters.

He said nodal agencies Nafed and SFAC will do the procurement of onion. The stock would be kept at Lasalgoan.

"The government will intervene in the market if there is any price rise in any parts of the country," he added.

The Price Stabilisation Fund would be utilised for this purpose.

Last year, the government had procured 8,000 tonnes of onion but it was done after the retail prices had gone through the roof.

This time, the Consumer Affairs Ministry has been asked to prepare timely import plans for pulses and onions. It has also been asked to intervene in the market on time so that consumers are not affected by price rise.

Onion production is estimated to be increase to 20.33 million tonnes in 2015-16 from 18.92 million tonnes in the previous year, Minister of State for Agriculture Mohanbhai Kundariya said in a written reply to the Lok Sabha today.

In view of fall in onion prices, the government has removed the minimum export price of onion on December 24, 2015, he added.

"Despite drought during the current year and excessive rains in southern states, onion production during the current 2015-16 agriculture year is expected to be higher as compared to the previous year," Kundariya said.

At present, retail price of onion is ruling at Rs 20 per kg in the national capital. Normally, prices flare up during August-September period.

Buy, Hold, Sell ? Hear it first on M3
Govt to procure 15,000 tons onion for buffer stock

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login