Search Result for : Wheat Imports

PTI In a relief to Punjab government, the Centre today released Rs 17,994.21 crore towards Cash Credit Limit (CCL) for Rabi procurement subject to certain conditions laid down by the Reserve Bank of India. The Union Finance Ministry and the RBI, in separate letters to the Principal Secretary (Finance), government of Punjab, said the central government had decided to release the CCL immediately in view of the urgent need to procure wheat following early arrival of the grain in the mandis and the assurance of the State Bank of India (SBI), said an official release.The CCL has been released for the Rabi season, up to the end of April, on the condition that the state government would regularize, at the earliest, the ...

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 ...

The Dollar Business Bureau  The government is considering imposing imports duty on wheat in order to protect the interests of farmers amidst expectations of a record production this year, said Ram Vilas Paswan, Minister of Food and Public Distribution.  On December 8, the government had reduced the customs duty on wheat imports to nil from 10% in order to boost its availability in the domestic market and to check retail prices.  The Minister said that there would be a bumper crop of wheat this year and the ministry has set a target of procuring 33 million tonnes of grain in the marketing year 2017-18, which starts from April.  the new crop of wheat will start coming into the market from March, said Paswan, while adding that the government ...

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 ...

The Dollar Business Bureau The Govt has scrapped the 10% import duty on wheat with immediate effect due to imminent shortage of wheat on the back of severe drought that wheat producing states faced last couple of years. The Finance Minister Arun Jaitley made the announcement in the Parliament on Thursday, stating that import duty on wheat had been reduced to nil from 10% without an end-date. It should be recalled that the government had in Sept lowered the import duty on wheat from 25% to 10% till February. This move comes in the wake of increasing wheat prices in the country and also to increase wheat stocks in the market. Private traders had imported nearly 1.72 million tonnes (MT) of wheat so ...

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, ...

The Dollar Business Bureau The flour mills in India have signed deals to buy 5 lakh tonnes of wheat from France and Australia, for delivery between July-September, in the wake of a possible shortfall in domestic production, due to severe drought. Last year alone, private flour mills had imported around 5 lakh tonnes of wheat from Australia; huge import for the first time in the last 10 years because of slow supply of high protein wheat from local markets and lower global prices.  According to some traders, India is expected to import wheat, somewhere between 3 and 5 million tonnes, and the imports duty will reduce by 25%. The traders also said that flour millers have contracted about 350,000 tonnes of wheat from Australia ...

The Dollar Business Bureau India has imported almost 140,000 tonnes of Australian-origin wheat in the past couple of weeks this year, as the country increased its wheat stock after a poor crop last season. Indian mills purchased around 60,000 tonnes of Australian wheat in their first international purchases this year. Indian importers have purchased wheat from Australia as well as other countries. Domestic wheat production remained less in 2015 due to unseasonal rain at the time of harvesting. The country’s total wheat imports are expected to escalate to its highest this season due to unseasonal rain and severe drought due to El Nino phenomenon. . Recently, the Indian government had increased the duty on wheat imports to 25% for three months to June 30, ...