Connect with us

Hi, what are you looking for?

Share Market

Nafed set to complete purchase of 2 lakh tonne onion for buffer stock

Financial Express - Business News, Stock Market News

The Government of India maintains buffer stocks of bulb onion to make appropriate price stabilising market interventions.The Government of India maintains buffer stocks of bulb onion to make appropriate price stabilising market interventions.

The National Agricultural Cooperative Marketing Federation (NAFED) is well on track to meet its target of procuring onions from Nashik for the Centre’s buffer stock, and is likely to complete the purchases in the next fortnight, senior officials from the federation said. The agency has procured around 1.4 lakh tonne of the target of 2 lakh tonne of buffer stock from Maharashtra and Gujarat, senior officials from NAFED, in charge of the procurement process, said.

NAFED is supposed to procure some 2 lakh tonne of onion as the buffer stock at the prevailing market rate, under the Price Stabilisation Fund. Of the total target, Maharashtra’s share is 1.5 lakh tonne, of which 1.4 lakh tonne will be procured through farmer producer companies — Maharajya, Pruthashakti Farmer Producer Company and MahaFPC, and the remaining 10,000 tonne through NAFED.

Yogesh Thorat, MD, Maharashtra Farmer Producer Company (MahaFPC) – a federation representing nearly 303 farmer producer companies (FPCs) in the state, said the agencies had been facing quality concerns as the same has been deteriorating due to weather conditions. Maha FPC has purchased round 31,000 tonne so far this year.
Last year, Nafed procured about 1 lakh tonne of onion, of which 75,000 tonne was procured from Maharashtra. The Government of India maintains buffer stocks of bulb onion to make appropriate price stabilising market interventions.

Onions from buffer stocks are released in a calibrated manner through retail intervention to retail agencies/states/UTs and for open market sale during the lean season or period to contain prices and availability.
Narendra Wadhavane, secretary, Lasalgaon Agriculture Produce Market Committee (APMC), said, “NAFED has been purchasing around 650-700 quintals on a daily basis. Farmers are bringing out their stored onion stock because of the fear of deterioration in quality.”

It has been raining heavily for the last one week and the percentage of rotting has been more this time, although it cannot be quantified at this point, he said. “Because of the good rainfall, the early kharif onion arrivals could begin in September. By October, arrivals could be in full swing,” said Wadhvane. Prices have also been ruling stable this year in the domestic market with the market moving either way by Rs 200 or Rs 300 a quintal and market arrivals are satisfactory, he said.

On Tuesday, around 11250 quintals of onion arrived in Lasalgaon to be sold at an average price of Rs 1750 per quintal. On Monday, arrivals were to the tune of 19115 quintals. Market officials pointed out that NAFED had been making purchases both within the market environs and also through farmer producer companies to be able to meet the targets quickly.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Technology

Cybercriminals Adopt the Blockchain to Broadcast confidential Messages A group of analysts from SophosLabs represents that programmers working the crypto-jacking malware, Glupteba, have been...

Technology

PUBG unban in India soon as PUBG Corp. Will The Government Of India Unban PUBG? PUBG Mobile was Ban in India, PUBG organization has...

Technology

A standard method to execute Bitcoin could be powerless against double-spending, the new examination has found. Blockchain sleuths at ZenGo, a wallet startup, have...

BlockChain News

HDD mining, also known as “storage mining”, is a process of obtaining cryptocurrency based on hard disk memory. Compared with traditional POW mining, hard...