Government removes export incentive for onions
A weak supply situation has led to a steep rise in the price of onions and compelled the government to revoke 10% export incentives on the vegetable. Last December, amidst falling prices, India had doubled the export incentives for the product, which is mainly exported to Bangladesh, Malaysia, UAE and Sri Lanka. But since January this year, prices have witnessed a steep rise by around 47%. The wholesale price of onions in Lasalgaon, Maharashtra (India’s largest onion trading hub), was Rs 1,330 per 100 kg, as compared to Rs 673 per 100 kg at the beginning of 2019.