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Onion prices fall 35% after I-T raids on Nashik traders

Nashik

Nashik: After the Income Tax Department carried out surveys and searches in the offices, godowns and homes of seven onion traders in Nashik district of Maharashtra, the average wholesale onion price fell by 35% at the country’s largest wholesale onion market at the Lasalgaon Agriculture Produce Market Committee(APMC) on Thursday.

The average wholesale onion prices on Thursday declined by 35% to Rs 900 per quintal at Lasalgaon as against Rs 1,400 per quintal on Wednesday. The minimum and maximum wholesale prices were recorded at Rs 500 and Rs 1,331 per quintal, respectively.

The average wholesale onion prices in the domestic markets had increased five times from Rs 450 per quintal on May 31 to Rs 2,450 per quintal on August 10, registering a 20-month high price due to short supply.

In city’s retail markets, onion prices had increased from Rs 10 to Rs 30 per kg after rising in wholesale onion prices in past two-three months, while the retail prices had touched Rs 40-50 per kg in various cities across the country. But the wholesale onion prices started declining after a two-member committee from the Union ministry of consumers’ affair had visited Lasalgaon on August 18 to check fluctuation in wholesale onion prices.

Last week, the Union ministry of agriculture had sought details pertaining to arrivals and wholesale prices from the Nashik district administration. The latter had sent details regarding arrival and their prices over three months at APMC.

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