India has slashed the minimum export price (MEP) of onions to $400 per tonne from $700.
Indian Commerce Minister Nirmala Sitharaman disclosed the decision in a twitter post on Thursday, NDTV reports.
"On Onion -- decision taken today to reduce the Minimum Export Price (MEP) of onion from USD 700 tonne to USD 400 a tonne," Nirmala Sitharaman tweeted.
He also stated that Finance Minister Arun Jaitley chaired the meeting that was also attended by Agriculture Minister Radha Mohan Singh and Sitharaman.
MEP is the rate below which no traders are allowed to export. The rise in MEP restrict exports and improves domestic supply.
In August, the Indian government had hiked onion MEP to $700 per tonne, from $425.
