Onion prices soar, govt puts cap on stock with EC Act

NEW DELHI: The federal government on Friday invoked inventory restrict norms underneath the Very important Commodities Act for onions as costs persisted to extend throughout nearly all towns.
The norms kicked in 31 days after the Parliament handed amendments to the EC Act, which has a provision to invoke this clause in bizarre price-rise eventualities.
Shopper affairs secretary Leena Nandan stated that whilst shops may retailer a most of two tonnes of onion, wholesalers may stay as much as 25 tonnes at a specific time. This restriction shall be efficient until December 31 to make sure investors don’t create synthetic condi tions to boost costs.
Onion costs larger throughout towns with the important thing kitchen bulb promoting at a most of Rs 105 kg in Bengaluru and Rs 97 a kg in Mumbai. TOIhad reported on Friday how onion costs had doubled throughout 28 towns within the final month and Bengaluru had witnessed a four-fold upward thrust.
The all-India reasonable retail fee variation of onions as of October 21 when in comparison to final 12 months was once 22.1 %. Meals secretary Sudhanshu Pandey stated states had intimated that onion harvest was once more likely to be round 36 lakh tonnes as towards the sooner estimate of 43 lakh tonnes.
The secretary added that for the primary time, the Centre had created a buffer inventory of one lakh tonnes of onion and it was once freeing the inventory in a calibrated method.