A steep drop in onion prices at home has prompted the Narendra Modi government to offer duty benefits to encourage its export to overseas markets.
Commerce Minister Nirmala Sitharaman has extended a 5% grant to onion exporters under the Merchandise Exports from India Scheme (MEIS). This move is expected to stem the falling prices at wholesale markets and fetch farmers better deals for their yields.
Road Transport Minister Nitin Gadkari and Minister of State for Defence Subhash Bhamre met Nirmala after farmers’ delegations pressed the panic button and sought to bail them out.
“The prime minister had a discussion with agriculture and commerce ministers, and all possible help will be extended to the farmers,” Gadkari said.
Fresh or chilled onion can be exported under the scheme, the grant for which is available till December 31 and could be extended if required, Gadkari said, asking exporters to maximise overseas shipments to stabilise the price of onions.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks