India lifts export curbs on onions as prices plunge
- By Reuters |
- Feb 02, 2018
- Last Updated at 22:16 IST
MUMBAI - India will allow unrestricted export of onions, the government said in an order on Friday, as prices of the politically-sensitive vegetable fell over a third in a month.
The world's biggest exporter of onion had imposed curbs on overseas sales late last year in an attempt to soften local prices.
In November, the government set a minimum price of $850 per tonne for overseas sale of onions, but subsequently reduced it to $700 per tonne.
Unrestricted exports from India could soften prices in key importing countries such as Bangladesh, Malaysia, the United Arab Emirates and Sri Lanka, traders said.
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Will Nifty breach 10600 till expiry?
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