The Ministry of Finance has sought to prescribe an effective export duty of 40% on onions till 31st December 2023.
The government took this action to slow price increases and boost supplies in the domestic market. The expiration date of this export tax is December 31, 2023.
The notification demonstrates how the government manages trade and export dynamics in a proactive manner.
This tactical choice aims to avoid excessive price swings and potential shortages. The government’s determination to strike a balance between trade priorities and the needs of the regional economy is reflected in the application of this export tariff, which is effective right away and lasts through the end of December 2023.
Notification No. 48/2023
Date: 19/08/2023