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Govt may raise import duty on wheat

Govt may raise import duty on wheat

Govt may raise import duty on wheat

NEW DELHI, DEC 21:  The government is considering raising import duty on wheat from the current 20 per cent to boost sowing in the ongoing Rabi season and support domestic prices, sources said. Last month, the government had doubled the import duty on wheat to 20 per cent to curb cheap shipments and give positive price signal to farmers in the Rabi season.

It was raised as private traders imported about 1 million tonnes of wheat since April at 10 per cent duty. According to sources, the government is looking to raise import duty further to boost sowing operations and support local prices. As per the latest data from the agriculture ministry, wheat acreage declined to 245.50 lakh hectares as on December 15 in the ongoing Rabi season from 250.48 lakh hectares during the corresponding period of the previous year.

Also read: Import duty hike: A case of good intention, bad timing

Wheat sowing would pick up with northern states receiving good rains recently, Agriculture Secretary S K Pattanayak had said last week. India’s wheat production stood at record 98.38 million tonnes in the 2016-17 crop year (July-June).

Source:- Thehindubusinessline.com

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