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Import Duty On Wheat Has Been Reduced By Food Ministry

Import Duty on Wheat

The import duty on wheat need to reduce from current 25% to 15%, supported by the Food Ministry with an objective to increase the availability in the rural area.

As even local flour mill owners are pushing for removal of duty completely, so the govt is thinking about the food ministry’s suggestion of reduction of duty, told by a source. When the Agricultural Ministry has anticipated higher crop, Food Corporation of India (FCI) has bought a less amount of wheat. So there is need to reduce import duty. the levy might be brought in between 10-15%, Food Ministry authorities hint this.

Private flour mills are purchasing grains from the organisation “apprehending shortages in the market”, so FCI wheat store is falling. FCI wants to hold on extra stock piled for covering the Public Distribution System and other well being plans of the country.

For buying wheat, Sellers are taking the import route. From Australian market, around 5 lakh tonnes of wheat has been imported by Last private flour mill owners. Currently, a wheat stock of 24.2 million tonnes by FCI is available. About 31 million tonnes of wheat was bought Previous year. This year taking the figures to 25.6 million tonnes as there is a slight decline Due to low arrivals.

This year due to drought and dry spell in many parts of the country local production was less and affected the crop badly, said by official report. In the 2016-17 crop year, the agriculture ministry anticipates a record crop output after two years of a dry spell as in 2016 monsoon has been beneficial.

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