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06-Oct2017

Government may raise import duty on wheat

The government is likely to raise import duty on wheat from 10% to 20-25%. A final call regarding tweaking import duty of wheat will be taken soon. The global prices are currently depressed and increase in import duty of wheat will be worked out accordingly.

The government is contemplating this move in order to curb cheap shipments and give positive price signal to farmers who will start sowing winter crop after the Diwali festival. In March, the government had imposed 10% import duty on wheat to contain sharp fall in local prices in view of bumper crop of 98.38 million tonnes in 2016-17 crop year (July-June).

The trade data showed that private traders imported about 8.5 lakh tonnes of wheat since April at 10% import duty. Another 1.5 lakh tonnes of shipments are expected to arrive.




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