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Government imposed MEP of 650 US Dollars per Tonne on Onion

Aug 17, 2013 17:33 IST

The Union Ministry of Commerce and Industry on 17 August 2013 notified imposition of a minimum export price (MEP) of 650 US dollars per tonne on onion to curb shipments and control rising prices. Export of onion shall be permitted subject to a MEP of 650 US dollars per Metric Ton FOB (free on board) or as notified by DGFT (Directorate General of Foreign Trade) from time-to-time.

In May 2012, the Union government had scrapped fixing MEP, which is a benchmark price below which onion cannot be exported. Onion prices have soared to 80 rupees per kg in the major cities of the country.

India has exported 6.39 lakh tonnes during April-July period of this fiscal compared with 6.94 lakh tonnes in the year-ago period. Production stood at 16.6 million tonnes in 2012-13.

Maharashtra, Karnataka and Gujarat are the main producing regions of the kitchen staple.

Is this article important for exams ? Yes39 People Agreed
Read more Current Affairs on: MEP , Onion , US dollars

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