Centre slaps stock limits as onion prices shoot up

Centre slaps stock limits as onion prices shoot up

Why in News?

Wholesale traders will not be allowed to store more than 25 tonnes of onions, while retailers will be limited to two tonnes only from October 23 till December 31.

Why the price is rising?

  • Hoarding: Hoarding of perishable items is illegal; however, many traders have hoarded onions and are now selling at much inflated prices than before. Therefore, traders and not farmers are benefited when onion prices hike.
  • Onion Consumption: It goes with the law of demand and supply. For example, it happens during the nine days of Navratri in Maharashtra and the month of Shravan.
  • Excess rainfall : Excess rainfall and flooding in the key producer States of Maharashtra, Karnataka, Andhra Pradesh and Madhya Pradesh this year has resulted in significant damage to the standing kharif crop, and the expectation of short supplies has led to soaring prices, crossing the ₹100 per kg mark in Mumbai, Pune and Hyderabad.


 



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