Onion Prices

In the past few days, the price of onion has skyrocketed to Rs 100 per kilogram in several Indian states. Additionally, on Friday, the average wholesale price of onion in Lasalgaon, which is India's largest wholesale onion market, plummeted by 24% in just five days, to Rs 3,650 per quintal. It's worth noting that the recent surge in onion prices before the Diwali festival has raised concerns among consumers. As a result, the Central Government has taken several measures to curb the rise in prices. Furthermore, the Department of Consumer Affairs is considering setting a minimum export price (MEP) of $800 per tonne of onion from October 29, 2023, to December 31, 2023, to address the decline in exports and increase supplies in the domestic market.

Onion prices fall by 24 percent in Lasalgaon

On Friday, it was reported by a media agency that the average wholesale prices of onions in Lasalgaon, India's largest wholesale onion market, had dropped by 24 percent in just five days to Rs 3,650 per quintal. Interestingly, the average wholesale price of onions in Lasalgaon had increased from Rs 2,050 per quintal on October 3 to Rs 4,800 per quintal on October 28. The recent surge in onion prices could be attributed to several factors, including a shortage of supply in both domestic and export markets. In light of this, it would be beneficial to discuss in detail the possible reasons behind the increase in onion prices.  

Also read: The central government has completed its preparations to control inflation before the festival. As a part of this effort, the government has imposed a 40 percent tax on the export of onions to limit their sale in the international market. Previously, there was no export tax on onions. Additionally, the Center has set the Minimum Export Price (MEP) for onion exports at Rs 66,730 per tonne, which means that until December 31, 2023, no onion trader can export onions at a price lower than this.

Onions have become very expensive in India nowadays. Now you can also take advantage of this in such a situation. However, for that you have to open an onion storage house. If you also want to earn a strong income through onion, open an onion storage house. The big thing here is that you will also get a grant up to Rs 4.5 lakh on its construction. Nowadays onion in India is extracting a lot of tears from the public. The reason for this is its price. Onion prices have again become skyrocketing. According to the supply, due to no storage of onion, its prices have been increased. However, you can also get the benefit of the rise in onion prices. You just have to open an onion storage house, on which you will also get a grant. At the same time, later onion storage and auction will also be profitable.

Bihar government took important steps

Indeed, the Bihar government has done a big exercise to develop a wider onion storage system. The state government is providing grants for onion storage. So that onion storage can be ensured in the state. At the same time, people should also benefit from this. In such a situation, if you too are from Bihar and are thinking of starting a new business, then you can take advantage of this scheme of Bihar government. Similarly, farmers can make their local storage in rural areas, on which the government is giving subsidy of up to 75 percent.

How much subsidy Bihar government is providing

According to the horticulture department of the Government of Bihar, the State Government is providing grants for the establishment of onion storage under the Vegetable Development Program (2023-2024). According to this plan of the government, a cost of Rs 6 lakh has been fixed for 50 metric tonnes of onion storage unit. On this, the government will give you a 75 percent grant. In such a situation, if you construct an onion storage house, then you will get a subsidy of up to 4 lakh 50 thousand rupees on it. This means that you will have to spend only 1 lakh 50 rupees for construction from your pocket.

You can apply in these districts of Bihar

The Bihar government is currently running this scheme in a few districts. Under this, people and farmers of districts like Aurangabad, Gaya, Nalanda, Patna, Buxar, Nawada and Sheikhpura can apply for onion storage. The process of applying is completely online, which is currently started.

Also read: Bumper discounts being given in this state to open potato onion storage house

Apply like this to take advantage of the scheme