No reason to get panicked over onion: Tipu Munshi

Publish: 7:06 PM, October 11, 2021 | Update: 7:06 PM, October 11, 2021

DHAKA,  – Commerce Minister Tipu Munshi today said that there is no reason to get panicked over onion as there is sufficient stock of onion in the country while the supply chain is also normal.

“Onion is also being imported from China and India regularly. So, there is no reason to get panicked over onion,” he said. The Commerce Minister said this while addressing a press briefing virtually at the Ministry of Commerce after a meeting convened to review the stock, supply, and import situation of essential items and also to make stable the supply chain of those essential items.

He also cautioned that the government would take tough stance if anyone tries to make excessive profit through market manipulation. Tipu informed that there is a stock of five lakh tonnes of local onion while the Trading Corporation of Bangladesh (TCB) is selling onion at Taka 30 per KG through some 400 trucks across the country. He said that new onion will hit the market within one month and also urged the businessmen to do their business with sincerity and honesty so that the price of onion remains stable during this period.

The Commerce Minister informed that the government has already withdrawn existing five percent import duty to simplify the import procedure side by side requested the National Board of Revenue (NBR) to take special measures for speedily offloading those at the ports. He hoped that the revenue board would take necessary steps in this regard by withdrawing import duty on onion for the next 3 to 4 months.

Commerce Secretary Tapan Kanti Ghosh informed that out of the total demand of country, around 80 percent onion is being produced in the country while the rest is being imported from abroad especially from India. But, he said due to the excessive rain in neighboring India, the price of onion has soared there for which there has also been an impact in the local kitchen market.

Tapan said considering the price hike of onion in India, the price of imported onion from India could only increase here to that level, but if anyone tries to make excessive profit capitalizing on the issue, then tough action would be taken as per the law. He also informed that the Directorate of National Consumer Rights Protection, the concerned district administrations and the law enforcement agencies have been asked to strictly monitor the market.

The Commerce Secretary also informed that the Ministry of Agriculture has been asked to issue IP after speedily testing quarantine of onion. Bangladesh Competition Commission Chairman Md Mofizul Islam, TCB Chairman Brigadier General Ariful Hasan, FBCCI senior vice president Mostafa Azad Chowdhury Babu, Bangladesh Dokan Malik Samity President Md Helal Uddin, Moulvibazar Business Association President M Golam Mowla, among others, attended the meeting.