After eight years, in August, India had imposed 10 per cent import duty on wheat
India has raised import duty on wheat for the second time in over two months to around 25 per cent to curb its imports at a time.
New Delhi: India has raised import duty on wheat for the second time in over two months to around 25 per cent to curb its imports at a time when there is excess of domestic stock. “In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10 per cent to 25 per cent up to March 31 2016,” said a finance ministry statement.
After eight years, in August, India had imposed 10 per cent import duty on wheat. According to reports, private millers were importing wheat from abroad after rain and hailstorms earlier this year damaged crops, especially high-protein varieties used to make pasta and pizzas. This has been possible as international wheat prices are down.
( Source : deccan chronicle )
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