Onion Prices Surge After India Lifts Export Ban
Following the lifting of the export ban on onions by the Indian government, onion prices have spiked by 40% in the Lasalgaon market of Nashik. Although there hasn’t been an official announcement, Minister Bharti Pawar disclosed the decision made during a meeting led by Union Minister Amit Shah.
This sudden change has led to a rapid increase in onion prices, affecting both wholesale and retail markets. In Lasalgaon, prices surged from Rs 1,280 per quintal to Rs 1,800 per quintal after the news broke.
Around 10,000 quintals of onions were auctioned, with prices ranging from Rs 1,000 to Rs 2,100 per quintal. Exporters have started purchasing onions for foreign markets, contributing to the price hike.
The export ban was originally imposed in December to stabilize domestic prices, but discontent among farmers and traders prompted the government to lift it earlier than planned. While no formal notification has been issued, discussions about the timing of the decision have sparked debates, especially considering the upcoming Lok Sabha elections.
