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LATEST NEWS UPDATES | Central government plans to scrap wheat import duty -R Suryamurthy

Central government plans to scrap wheat import duty -R Suryamurthy

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published Published on Aug 8, 2022   modified Modified on Aug 8, 2022

-The Telegraph

Officials say Centre is considering several other measures such as doing away with stock holding limit of foodgrain

The government plans to scrap the import duty on wheat to encourage inward shipment and meet its growing demand during the festive season.

Officials said the Centre was considering several other measures such as doing away with the stock holding limit of the foodgrain.

Analysts said the move might not fetch the desired results as the domestic prices are much lower than the global prices.

The policy flip-flop by the government creates uncertainty in the market which only helps speculators.

Besides, any move by India to enter the world market will only result in the hardening of global prices because of low supplies on account of the war in Ukraine.

In April 2019, India raised the import duty on wheat to 40 per cent from 30 per cent with the drop in domestic prices — a move meant to discourage cheaper imports.

Wheat prices in the country have seen a significant increase to cross a record Rs 2,500 per quintal because supplies have failed to keep pace with the robust demand.

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The Telegraph, 8 August, 2022, https://www.telegraphindia.com/business/central-government-may-scrap-wheat-import-duty/cid/1878846


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