Onion Price Drives Everyone To Tears
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Rising price of onions making people teary-eyed is cliched. Restaurant owners across the city are also getting anxious on how to cope with the price rise without losing on profit margins. The government on Monday was forced to suspend onion exports till January 15 as retail prices of the vegetable skyrocketed to as much as Rs70-90 a kg in the Capital. It is feared that the rates may soar to Rs100 per kg in the near future.
Traders are importing onions from across the border to take advantage of the vegetable’s soaring prices in the domestic market. After exporting onions to Pakistan, India is now buying some back. India had exported thousands of tonnes of onion to Pakistan earlier this year when the country was trying to recover from catastrophic floods. But the country is now facing a severe crunch of the vegetable as unseasonal rains have destroyed the crop in Maharashtra and Gujarat.
Prices of the vegetable have been steadily shooting up in the past few weeks. Onion prices – which were already high at Rs30-40 a kg – have now doubled to Rs80-90 a kg in retail markets in the Capital in the past four days. This was mainly because exports were allowed to continue despite a decline in the supply caused by unseasonal rains in the country’s onion-growing regions of Maharashtra, Gujarat and the southern states.
On Monday, Onion price in retail markets across the Capital, reached Rs 80-90 a kg.Traders said the supply crisis is expected to continue for another 20-25 days till the fresh stock arrives from Maharashtra and Gujarat.
However, for south indian, With onions now selling at Rs 80 per kilo, the price of drumsticks (murungakai) shooting up to Rs 100 per kilo and carrots and tomatoes selling for Rs 40 and Rs 38 respectively, a bowl of sambar may well be worth its weight in gold.
Source:
- Times of India-Chennai, Mangalore
- intoday.in
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[...] would be over Rs 4 crore. Speculative traders are making superprofits by fixing price in the onion trade. That’s a margin of Rs 46 per kg or 135% profit [...]