Commerce Ministry Secretary Tapan Kanti Ghosh said there was no possibility of onion prices falling this month. He said that the price of the new onion will actually go down by the end of November.
The Commerce Secretary was responding to a question from reporters after a review meeting on storage, supply and pricing of essential commodities in the conference room of the Commerce Ministry at the Secretariat on Monday (October 11). Commerce Minister Timu Munshi was virtually present at the meeting, which was chaired by Tapan Kanti Ghosh. The meeting was also attended by senior officials of various ministries and leaders of business organizations.
Later, while talking to reporters, the secretary said that the price of onion has recently gone up in the Indian market. That has had some effect on the country’s market. He also said that the deputy commissioners have been instructed to monitor the illegal stockpiling of onions.
The meeting discussed the rise in prices of all daily commodities, the commerce secretary said. He said Commerce Minister Tipu Munshi had said that all products should be within the purchasing power; That is why the government is continuing its efforts.
The recent rise in prices of onion, sugar and edible oil has led to some volatility in the market. Asked whether the government would take any steps to revoke the tariff rate to control the market, he said the NBR imposed tariffs on these products. This is not a matter for the Ministry of Commerce. However, a letter from the Commerce Ministry will be sent to the NBR to temporarily withdraw tariffs on onions, soybeans, palm oil and sugar.
Noting that the prices of imported goods depend on the international market, he said if there is a rise in commodity prices in the international market, it will have an impact on the country’s market.