NEW DELHI India has raised the minimum export price for onion by 67 percent to augment domestic supply and curb price rise, a government statement said on Wednesday.
Exports will now be possible only at or above $500 per tonne. The government on June 17 set the minimum price at $300 per tonne.
Finance Minister Arun Jaitley said on Wednesday that high inflation was one of the major challenges for the government ahead of the budget next week.
Indians consume about 15 million tonnes of onions a year, using them as the base for curries and traditional dishes such as biryani and bhaji. In the past, higher onion prices have contributed to the fall of state governments.
India exports about 1.5 million tonnes of onions a year. Fears of domestic shortages have been fueled by a scorching summer, a lack of chilled storage and a threat of strike action by distribution workers.
(Reporting by Ratnajyoti Dutta; Editing by Krishna N Das)
Chinese-owned Zhongwang USA to buy aluminum products maker Aleris
Zhongwang USA LLC, a division of China's Zhongwang International Group Ltd., said on Monday it would buy U.S.-based aluminum rolled products maker Aleris Corp from a fund group in a $2.33 billion deal.
New RBI chief's policies to broadly echo Rajan's: Reuters poll
BENGALURU Indian monetary policy is likely to stay broadly unchanged when Urjit Patel takes over as Reserve Bank of India governor, according to a Reuters poll, but his approach to cleaning up public banks' bad debts could be less stringent.
Interview: Oil market rebalancing could take until end 2017 - Shell
STAVANGER, Norway The huge global oil oversupply that has weighed on prices for the past two years may not clear until the second half of 2017, Shell's chief energy adviser Wim Thomas told Reuters.