Govt buys 71K tons of onion for buffer stock; expects retail prices to ease

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Govt buys 71K tons of onion for buffer stock; expects retail prices to ease - Business Standard

Quick Summary:

The government has bought nearly 71,000 tonnes of onion so far this year for buffer stock, out of the total target of procuring 5 lakh tonnes for price stabilisation and it expects retail prices to ease with the progress of monsoon over most parts of the country.

Till June 20th, the Centre has procured 70,987 tonnes of onion, as against 74,071 tonnes procured in the same period last year, a senior official in the department of consumer affairs said.

According to data compiled by the department of consumer affairs, the all-India average onion retail prices stood at Rs 38.67 per kg on Friday, while the modal price was Rs 40 per kg.