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Indian government uses several means to curb food prices, including the imposition of stock limits, monitoring of stocks to prevent hoarding as well as tweaks to import duty, quota, and restrictions
The Centre will release onions from its so-called buffer stock from the next month until the end of the year to contain prices, the minister of state for consumer affairs, food and public distribution said on July 22.
“A buffer stock of 2.50 lakh metric tonnes onion has been built in 2022-23 by procuring rabi-2022 harvest,” Ashwini Kumar Choubey said in a written response in the Parliament’s Upper House. “The stocks from the buffer will be released in a targeted and calibrated manner during lean season (Aug - Dec) to contain price rise.”
India’s retail inflation has stayed above the central bank’s upper tolerance limit for months amid a spike in crude oil, commodity and food prices.
Onion prices are typically a politically sensitive issue in India as it forms an integral part of diets across the country.
The government has curbed wheat exports to maintain stocks as Russia’s invasion of Ukraine has thwarted grain supplies.
The Indian government uses several means to curb food prices, including the imposition of stock limits, monitoring of stocks to prevent hoarding as well as tweaks to import duty, quota, and restrictions.
Buffer stocks of pulses and onion are maintained for price stabilisation.
India’s wholesale prices food inflation rose to 12.41 percent in June from 10.89 percent in May, with the food index rising 1.3 percent month-on-month.