The government has purchased around 71,000 tonnes of onion so far this year for buffer stock, out of the total target of procuring 5 lakh tonnes for price stability. The retail prices of onion likely to ease with the progress of monsoon over most parts of the country.
According to department of consumer affairs, the all-India average onion retail price stood at Rs 38.67 per kg on June 21, 2024, while the modal price was Rs 40 per kg. Till June 20, the Centre has procured 70,987 tonnes of onion, as against 74,071 tonnes procured in the same period last year. The pace of onion procurement for price stabilisation buffer this year is largely comparable with last year, despite about 20 per cent decline in estimated rabi production. The government is on course to achieve targeted procurement of 5 lakh tonnes for price stabilisation. The government will exercise the option of holding or releasing onions from the buffer in order to maintain stability in prices of onion.
The increase in prices of onion is on account of a shortfall in production in 2023-24 by about 20 per cent each in Kharif, late Kharif and Rabi, over the previous year due to less rain in major producing areas. To control prices, the government has been taking measures in a graded manner, from August last year starting with export duty of 40 per cent, followed by Minimum Export Price (MEP) of $800 per tonnes in October, 2024 and imposition of export prohibition from December 8, 2023.
These measures have helped in maintaining domestic availability of onion at reasonably stable prices. Export prohibition had been lifted from May 4, 2024, with MEP of $550 per tonnes and 40 per cent export duty in view of substantial stability observed in major mandis like Lasalgaon in Maharashtra and the prospect of good Kharif production on the back of above-normal monsoon prediction this year.
In March 2024, the Union Agriculture Ministry released the data for onion production. As per the data, onion production in 2023-24 (First Advance Estimates) is expected to be around 254.73 lakh tonnes, compared to around 302.08 lakh tonnes last year.
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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