Pawar says onion prices will fall after three weeks

New Delhi, Dec 21 (ANI): Union Agriculture Minister Sharad Pawar on Tuesday said that prices of onions are likely to fall only after three weeks.

"Situation will be normal in two to three weeks. Onion prices rose because of rains in Nasik and other onion growing areas. Ban on onion exports should help reduce the prices," Pawar told reporters.

The Government on Monday decided to suspend onion exports till January 15, 2011, in the wake of rising prices of the commodity, which is being sold at Rs 60 to 70/kg in the retail market at present.

Agriculture cooperative major National Agricultural Cooperative Marketing Federation of India (NAFED), a regulating agency, has been asked to stop giving fresh clearance to exporters, as the onion prices have increased in the retail markets across the country from 35 to 40 rupees a couple of days ago.

The decision to suspend exports was taken at an emergency meeting of NAFED held yesterday.

It has been reported that NAFED has also raised the Minimum Export Price to 1,200 US dollars per tonne for those 'no objection certificate' (NOCs), which is yet to be executed. (ANI)