Balancing act in agriculture: Markets must be allowed to function

Recent policy changes like adjusting agri export prices and import duties will benefit producers. But consistent, well-thought interventions remain crucial for market development and price stability

The Union government last week took decisions related to the import and export of agricultural items. It removed the minimum export price (MEP) on Basmati rice. The government had last year imposed an MEP of $1,200 per tonne on Basmati rice, and that was later lowered to $950 per tonne. The government also reduced the minimum export duty on onions from 40 per cent to 20 per cent. On the other hand, it increased the import duty on edible oils from zero to 20 per cent. After adding other components, the effective duty would be 27.5 per