India has extended restrictions on the export of onions for three months in a bid to check prices and increase supply at local markets.
The restriction, which stipulates a minimum export price (MEP) of USD 800 a tonnes, will remain valid until 31 March 2024, a notification of the directorate general of foreign trade said on Thursday.
India imposed curbs on the export of onions on 29 October, setting the MEP at USD 800 a tonnes amid the rise in local prices. The restriction was valid till 31 December this year.
According to the previous notification, there is no prohibition on exporting any amount of onions to any country at an MEP of USD 800 excluding freight and insurance cost.
This measure aims to boost the availability of onions in the domestic markets and control their prices.
According to the government data, retail price of onions increased by 94.39 per cent year-on-year to Rs. 58.85 a kg in November from Rs 29.76 a kg in the corresponding period of the previous year.