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Onion prices will be under control: Pranab

Kolkata Finance Minister Pranab Mukherjee on Sunday said the prices of onions had come down from the sky-high levels seen earlier this week and the situation would be under control soon, as the government was taking all steps.

“Export of onion has been banned and the import duty has been made zero; besides some imported onions are reaching the market. The prices have come down,” he told reporters at his residence here.

“Some fruits, vegetables and milk have an element of seasonality in them and sometimes in the market there is gap between the demand and supply, which leads to the increase in prices...,” Mr. Mukherjee said.

Onion prices had jumped to as high as Rs. 85 per kg in retail markets earlier this week, due to a severe supply crisis.

This was attributed to the damage suffered by crops in Maharashtra, main producing State, on account of unseasonal rains, though some quarters have alleged that hoarding by traders was responsible. — PTI

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