Breaking News: Boost for Farmers as Modi Govt Increases Onion and Basmati Rice Exports | ABP News

The Indian government has recently lifted the Minimum Export Price (MEP) restrictions on onions and basmati rice, which were previously imposed to control domestic prices. This move is expected to boost exports of these commodities and provide farmers with better rates. The Directorate General of Foreign Trade (DGFT) announced the removal of these restrictions on Friday, effective immediately. Previously, the government had set the MEP at $550 per ton for onions and $950 per ton for basmati rice. These limits prevented the export of onions and basmati rice at prices lower than the set thresholds, which was intended to keep domestic prices stable. The restrictions were introduced due to concerns about potential price spikes in onions following the Lok Sabha elections and the impact of the monsoon. This measure had restricted farmers' access to international markets. The decision to lift the MEP comes ahead of the assembly elections in states like Maharashtra and Haryana, where onion production is significant. Earlier, the export of onions and basmati rice had been banned, and when the ban was lifted, the MEP was introduced. Previously, the MEP for basmati rice was set at $1,200 per ton. In Haryana and Punjab, the prices of basmati rice have dropped to ₹1,000 per quintal. Additionally, the government has reduced the stockholding limit for wheat. Traders can now stock a maximum of 2,000 metric tons of wheat, down from the previous limit of 3,000 metric tons. This change also affects the stock limits for biscuit and bread manufacturers. Wheat prices have surged to ₹2,700 per quintal.