Indian Government sets Minimum Export Price (MEP) for potato of USD 360 per tonne

Neatly stacked potatoes in a market in Jodhpur, Rajasthan, India

July 27, 2016

Source

Economic Times

The government of India today imposed minimum export price (MEP) of USD 360 per tonne on potato to increase domestic availability and cool prices.

Wholesale potato prices in Agra, Uttar Pradesh has increased to Rs 15.25 per kg today from Rs 7 per kg in the year-ago period.

Whereas in the retail market, it is hovering in the range of Rs 30-35 per kg in the national capital.

"Export of potatoes is permitted subject to MEP of USD 360 per tonne," Directorate General of Foreign Trade (DGFT) said in a notification.

Although India was the world's second largest potato producer at 48 million tonnes in 2014-15, its exports were less than 1 per cent of the output.

India exported 1.80 lakh tonnes of potatoes in 2015-16 fiscal, which was lower than 3.05 lakh tonnes in the previous year. The production of the commodity stood at 480 lakh tonnes in 2014-15.