The Finance Ministry, on Friday, granted an immediate duty exemption for the export of Bangalore rose onions, subject to specific conditions, as per a notification issued.
Exemption from export duty on Bangalore Rose Onions may be granted if the exporter furnishes a certificate issued by the state horticulture commissioner, confirming the details of the item and the quantity to be exported.
In August, the government imposed a 40 percent export duty on all onion varieties. This decision was made to boost domestic supply and control the escalation of prices in the local market.
Currently, data from the Consumer Affairs Department indicates that the average price of onions in the country is INR 33.53.
Surpassing previous benchmarks, the Centre has successfully procured 2.50 lakh tons of onions for the buffer in 2022-23. However, despite this abundant onion stock, a notable portion of low-quality onions, a consequence of prolonged exposure to extreme summer heat this year, has driven up the prices of high-quality onions.
Simultaneously, onion exports surged by 64 percent in terms of volume, reaching a six-year peak at 25.25 lakh tonnes in 2022-23.