NEW DELHI, Aug. 22 (Xinhua) -- Indian Commerce Minister Piyush Goyal said on Tuesday that the government has decided to procure half a million tons of onion buffer stock instead of the previously-planned 300,000 tons for the welfare of farmers.
"The additional 200,000 tons of onions will be bought at a historic price of 2,410 rupees (about 29 U.S. dollars) per quintal," Goyal said.
He added that the National Cooperative Consumers' Federation and the National Agricultural Cooperative Marketing Federation of India will sell the onions at a subsidized rate for consumers in different regions.
On Saturday, the Indian government imposed a 40-percent duty on the export of onions to check the price rise and ensure ample supplies of the Indian kitchen staple in the domestic market.
The export duty on onions will remain applicable until Dec. 31, 2023.
The measure has triggered fears among farmers that it would lead to a fall in onion prices at home.
Onion prices began to rise in August, with reports indicating the prices are likely to increase further in the next month.
On Aug. 11, the Indian government started releasing onions from its buffer stock to contain the price hikes. ■
