MUMBAI: India has set a floor price of $800 per metric ton minimum export price on onions up to Dec 31, the government said on Saturday, in a bid to ensure adequate domestic availability and to stabilise prices.

“The measure has been taken to maintain sufficient availability of onion to domestic consumers at affordable prices as the quantity of stored rabi 2023 onion is declining,” the government said in a statement, referring to crops sown in winter.

The government also announced procurement of 200,000 tons of onions for its buffer, over and above the 500,000 tons already procured, it said in the statement.

The south Asian nation had in August imposed a 40% export duty on onions up to Dec. 31 to improve domestic availability of the vegetable.