Now onion prices can also increase! Business halted in Asia's largest market, find out its impact. Traders and commission agents in Nasik, the largest wholesale onion market in Asia, have decided to boycott onion trading starting Monday, opposing the decision by the central government to impose a 40% export duty on onions. Following this decision, there is a possibility of a sharp increase in onion prices once again. Currently, vegetable prices are soaring in the markets.
On Sunday, at a meeting held in Lasalgaon in the Niphad taluka of Nasik, the Traders and Commission Agents Association appealed for a boycott of trade starting Monday. The organization has requested support for their decision from traders in other parts of the state. It should be noted that on Saturday, the central government imposed a 40% export duty on onions to reduce exports. The decision to impose an export duty on onions comes at a time when wholesale prices have increased in various markets. In the Lasalgaon market, where onions were selling for INR 1,000-1,100 per quintal, the prices have crossed INR 2,200-2,300 per quintal since the beginning of August.
The main reason for this is the lower quantity of onions in warehouses and arrivals than expected. In most retail markets, onions are selling for INR 30-35 per kilogram. Onion producers in Nasik typically cultivate three crops. The Kharif crop is sown in June/July and is harvested after October.
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