LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Prabhu seeks more funds from FinMin to increase incentives on onion exports

Commerce Minister Suresh Prabhu has sought Rs 179.16 crore from the finance ministry to double the incentives for onion exporters amid significant fall in prices of the vegetable.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Prabhu seeks more funds from FinMin to increase incentives on onion exports
Written By: PTI
Updated: Fri, Dec 28, 2018
04:08 pm
PTI
RELATED NEWS
Narendra Modi cabinet: Commerce, Aviation, other economic ministries to have new faces Narendra Modi cabinet: Commerce, Aviation, other economic ministries to have new faces
Strategic investments after sectorial analysis to boost economic growth: Prabhu Strategic investments after sectorial analysis to boost economic growth: Prabhu
Suresh Prabhu seeks report on allocation of Jet Airways slots to other airlines Suresh Prabhu seeks report on allocation of Jet Airways slots to other airlines
Prabhu appeals to industry chambers to organise relief ops in Fani affected areas Prabhu appeals to industry chambers to organise relief ops in Fani affected areas
Cyclone Fani: Suresh Prabhu says DGCA will issue revised guidelines to airlines as and when necessary Cyclone Fani: Suresh Prabhu says DGCA will issue revised guidelines to airlines as and when necessary

Commerce Minister Suresh Prabhu has sought Rs 179.16 crore from the finance ministry to double the incentives for onion exporters amid significant fall in prices of the vegetable. In a communication to Finance Minister Arun Jaitley, Prabhu said the ministry is keen to increase export incentives under MEIS from 5 per cent to 10 per cent.

Under Merchandise Exports from India Scheme (MEIS), the government provides duty benefits depending on product and country.

Rewards under the scheme are payable as percentage of realised free-on-board value and MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty.

The reward for exports of fresh onion under this scheme is 5 per cent till January 12 next year.

"The higher reward rates are expected to bolster the exports and would be necessary to support the domestic prices. 

"In view of the urgency of the situation, the finance ministry is requested to allocate additional funds of Rs 179.16 crore, so that MEIS reward at 10 per cent can be provided for the export of fresh onion up to June 30 next year," Prabhu said.

The minister's demand assumes significance as Maharashtra Chief Minister Devendra Fadnavis has stated that prices of the commodity has fallen to as much as Rs 200-350 per quintal in markets, creating tremendous discomfort among farmers.

Minister of State for Defence Subhash Bhamre too has demanded hike in the reward rates.

India's exports of fresh and chilled onion stood at USD 256 million during April-October 2018-19. It was USD 511.5 million in 2017-18. 

Good monsoon in states like Karnataka, Gujarat and Madhya Pradesh has led to huge production of onion, resulting in less demand from south and north region. 

Due to this, onion from Maharashtra has not been transported to other states, which caused a glut and sharp decline in prices. 
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Suresh Prabhu
RELATED NEWS
Narendra Modi cabinet: Commerce, Aviation, other economic ministries to have new faces Narendra Modi cabinet: Commerce, Aviation, other economic ministries to have new faces
Strategic investments after sectorial analysis to boost economic growth: Prabhu Strategic investments after sectorial analysis to boost economic growth: Prabhu
Suresh Prabhu seeks report on allocation of Jet Airways slots to other airlines Suresh Prabhu seeks report on allocation of Jet Airways slots to other airlines
Prabhu appeals to industry chambers to organise relief ops in Fani affected areas Prabhu appeals to industry chambers to organise relief ops in Fani affected areas
Cyclone Fani: Suresh Prabhu says DGCA will issue revised guidelines to airlines as and when necessary Cyclone Fani: Suresh Prabhu says DGCA will issue revised guidelines to airlines as and when necessary

LATEST NEWS

IIT Bombay releases GATE 2021 answer key—This is how you can check and raise objection

7th Pay Commission Latest News: Check out these vacancies notified by UPSC; salary up to Rs 1,77,500 plus DA and other allowances

Stock Market Outlook: Nifty, Bank Nifty crucial levels REVEALED; Anil Singhvi explains key reasons behind massive fall

ISRO First Mission in 2021: Indian rocket to launch Brazilian satellite, PM Modi picture on spacecraft, space privatisation and more

Sovereign Gold Bond Scheme 2021: Issue Price fixed at Rs 4,662/gm

CBSE exam 2021: Class 10, 12 students should know THESE 10 points before appearing for board exams

Covid 19 2nd phase vaccination drive from March 1: EXPLAINED! Who are eligible, required photo identity, advance self-registration—All you need to Know

Bank Holidays March 2021: RBI says banks will remain closed on these many days next month

Maharashtra board exams for Classes 12, 10 to begin on April 23, 29

Google fires 150 game developers hired for Stadia: Report

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved