Exclusive: As onion prices cross Rs 100/kg mark in many regions, state authorities may take stern action against hoarders
With an aim to tackle soaring onion prices, local authorities may soon take action against hoarders and middlemen in the national capital. The Centre is closely tracking demand, supply and price trends related to onions in different locations in the country.
The central government may direct state and Union Territory authorities to take stringent action against hoarders and middlemen amid reports indicating that the retail price of this kitchen staple has surpassed Rs 100 per kilogram in multiple regions across the country, Zee Business learned from sources. The Centre is learned to be closely tracking demand, supply and price trends related to onions in different locations in the country.
ALSO READ: Onion prices soar across markets in Delhi, Mumbai, Lucknow leaving consumers in distress
There is plenty of onion supply in the markets with the onset of the entry of the Kharif-related production, according to sources.
On Tuesday, a special Kanda Express train carrying onion supplies to the tune of 840 million tonnes (MT) from the National Agricultural Cooperative Marketing Federation of India (NAFED) is scheduled to arrive in the national capital.
ALSO READ: Government steps up onion supplies via rail transport to control prices; 840 tonne reaches Delhi
The food cooperative operates this special train to supply onions in different parts of the country.
Analysts say that the arrival of fresh supplies will ease onion prices in Delhi.
The development comes after onion prices were learned to have crossed Rs 100 per kilogram mark in several neighborhoods in the national capital.
Authorities are closely monitoring onion prices, amid suspicions of speculative activities, including hoarding, according to sources.
ALSO READ: RBI unlikely to go for immediate rate cut, despite inflation likely to cool, says India Ratings
The government keeps monitoring the prices of various essential commodities in different parts of the country and takes action to ensure fair prices for consumers.
The country's agricultural season is primarily divided into two parts: Kharif and Rabi.
Typically, the Kharif season begins in July and ends in October whereas the Rabi season begins in October and ends in March.
ALSO READ: Retail inflation, factory output data to be released at 4 pm instead of 5:30 pm
Crops grown during the Kharif season are generally highly dependent on the monsoon rains.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: Can Rs 12,000 monthly SIP investment help create Rs 8.42 cr corpus? See calculations to know how
Power of Compounding: How long will it take your Rs 2,00,000 investment to turn into Rs 8,00,000? Know through this investment rule
02:33 PM IST