Govt imposes 10% import duty on tur dal, wheat
The Dollar Business BureauThe government has imposed a 10% import duty on imports of tur or arhar pulse (pigeon pea) and wheat with immediate effect. The decision was taken to protect the domestic farmers’ interests after the prices of pulses fell below the minimum support price (MSP) across various pulses producing states. The government expects bumper production of ravi crop, especially pulses and wheat this year on the back of normal monsoon season last year. This restrictive measure will control a further fall in the wholesale prices of tur dal and wheat and thus provide better MSP to farmers during ongoing procurement drive. The good production of tur dal during last kharif (summer) season had resulted into a fall in wholesale prices. Since the ...
Government considering import duty on wheat: Agri Secretary
The Dollar Business Bureau The Government of India is considering levying duty on wheat imports in order to safeguard the farmers amid the predictions of a record production this year, the Agriculture Secretary Shobhana K Pattanayak said on Wednesday. On December 8th last year, the government had reduced the customs duty on the imports of wheat to nil from 10% in order to boost availability of the grain in the domestic market and to check the retail prices. With the country now set to have a record output of 96.64 million tonnes of wheat in the current crop year of 2016-17 (July-June), there are apprehensions that the prices will come under pressure when the new crop reaches the market. “Whether to propose import duty ...
Wheat harvest season expected to bring down imports
The Dollar Business Bureau India has of late emerged as one of the biggest net importer of wheat, buying over five million tonnes since mid-2016, the country’s biggest annual purchase in over a decade. Last year, the government had focused on importing wheat in a colossal quantity in order to meet the rising demand of the commodity in the domestic market. India’s total wheat production registered a shortfall in the last two years due to unfavourable weather conditions. This year’s production, however, seems to be meeting the domestic expectations, as the government is also looking to cut down on the inbound shipments of the commodity as the harvest season approaches in April. The government will contemplate over the future purchases of wheat, depending upon the ...
India likely to import 5MT of wheat in 2016-17
The Dollar Business Bureau The wheat imports of India could rise in 2016-17, which will subsequently force the country to cut down on import taxes as incessant droughts lowered the output amid high demand, said an ITC executive on Friday. While the output of grains in India may slope downwards by 2.3% to about 85 million tonnes, India may import 5 million tonnes wheat in 2016-2017, said ITC’s group head of agri and IT businesses, Sivakumar. ITC, a giant in consumer products and a multi-billion dollar group, is one among the top private wheat buyers. Wheat imports will be the highest at 5 million tonnes since 6.7 MT of wheat was imported in 2006-07. In the previous year, 5,00,000 tonnes of wheat was imported, ...
Government likely to impose 10% import duty on wheat
The Dollar Business Bureau In a move to curb shipments and settle poor quality grains lying in storage godowns, Government of India is likely to impose 10% import duty on wheat shipments. However, the decision is yet to be taken based on the consultations with the concerned ministry and departments. Currently there is no import duty on wheat imports. The traders and flour millers are importing grains on lower price, due to lack of availability of high-quality stock in domestic markets. Imports are on rise despite the bumper domestic wheat output in the 2014-15 crop year, and surplus stocks with the Food Corporation of India (FCI) in their storage godowns. The government’s move in this regard will definitely come as a help to ...
