"The Income Tax department has raided premises of four onion traders from Lasalgaon, who are involved in both domestic as well as export trade of onions. The auctions had stopped for a while, and resumed later, even as the total arrival of onions remained low," said an onion trader from Lasalgaon, who did not what to be identified.
Retail onion prices have touched Rs 80/kg to Rs 90/kg as incessant rainfall in Maharashtra, the top onion producing state of the country, has delayed harvest and also damaged the quality of the kharif crop. The average wholesale prices at Lasalgaon market have been ruling around Rs 45/kg.
MMTC, an agency of the central government had issued a tender on November 7 to import 1 lakh tonne onion. However, as the domestic prices had started sowing downward trend, traders were skeptical about getting import parity. Onion prices are expected to remain within a wide range till end of December, with rain damaged crop selling at much lower prices, while the best quality continuing to command premium price, said traders.
Download The Economic Times News App to get Daily Market Updates & Live Business News.
- Government allows exports of Bangalore rose onions, Krishnapuram onions
- India bans onion seed exports with immediate effect
- Onion and potato prices hit the roof in festive season
- India mulls on supplying onions to its neighbours following the decision to ban onion exports
- Onion prices move north despite export ban
- Onions, pulses not part of controlled items’ list