To test the sudden spike in onion prices, cooperative Nafed has offloaded 20,000 tonnes of the bulb from the federal government’s reserves in the final three weeks throughout India, official sources stated.
Onion is being disposed of on the “going market price” in main cities like Delhi, Patna, Lucknow, Chandigarh, Chennai and Hyderabad amongst others, sources stated.
Nafed has been making a buffer inventory of onion on behalf of the federal government below the Price Stabilisation Fund (PSF) for the previous couple of years.
For 2022-23, Nafed has constructed a document onion reserve of 2.50 lakh tonnes to take care of a possible spike in onion prices throughout the lean season that runs from August to December.
According to sources, Nafed commenced the disposal of buffer onion on September 14 and has offloaded 20,000 tonnes until now.
Onion procured in April and May is being offloaded on the “going market price”, the sources stated.
The shares from the buffer can be launched in a focused and calibrated method until December.
According to the info maintained by the buyer affairs ministry, the typical retail value of onion was ruling excessive at Rs 40 per kg in the northeast zone on October 2, whereas it stood in the vary of Rs 23-25 per kg in different zones.
(Only the headline and movie of this report could have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)