Login ID:
Partner Login
Contact Us : 07666977977

No Plan To Further Increase Import Duty On Wheat: Food Minister

12 Aug 2017 8:38 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI (Commoditiescontrol) – The government has no immediate plan to further raise import duty on wheat, clarified Food Minister Ram Vilas Paswan on Saturday while speaking to media persons. Import duty is at 10 percent applicable on wheat since March 10, 2017.

The government re-imposed import duty on wheat this year as a measure to check supplies from overseas markets as the Union Agriculture Ministry projected a record production of 974.4 lakh tonnes in the crop year 2016-17 in the third advance estimates.

This year’s wheat production is higher by 1.66% than the previous record production of 958.5 lakh tonnes achieved during 2013-14. Production of wheat during 2016-17 is also higher by 48.3 lakh tonnes (5.21%) than the average wheat production. The current year’s production is higher by 51.5 lakh tonnes (5.58%) as compared to wheat production of 922.9 lakh tonnes achieved during 2015-16.

The FCI and state agencies procured 308 lakh tonnes of wheat in the RMS 2017-18 against the Centre’s target of 330 lakh tonnes for the RMS 2017-18, hence, the target remained underachieved but the quantity of wheat procured this year is much higher than last year when the government agencies could procure only 229.61 lakh tonnes.

Milling wheat prices are currently ruling nearly Rs. 1,570-1650/100kg in the most of the primarry markets where traders buy grains directly from farmers. The millers are sourcing wheat at Rs. 1,660-1790/100kg in Uttar Pradesh, Madhya Pradesh and Rajasthan.

The south Indian millers are getting imported wheat at cheaper rates as compared to domestic crop as international prices of wheat have declined considerably.

Hence, wheat imports will continue at current import duty despite a record production and surplus domestic supply.

(By Commoditiescontrol Bureau; +91-22-40015533)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
DJ China Winter Wheat Weather - Mar 19
DJ India/Pakistan Winter Wheat Weather - Mar 19
DJ Australia Wheat Weather - Mar 19
DJ GRAIN HIGHLIGHTS: Top Stories of the Day
DJ USDA Daily National Grain Market Summary - Mar 19
Top 5 News
Karnataka Oct1-Mar 15 Sugar Production Up 71% Y/Y At 35...
DJ Nymex/Comex Globex Metals Futures Hourly Price Updat...
DJ Tokyo Rubber Also Pressured Amid Risk-Off Tone -- Ma...
DJ Spot Gold Steady After Overnight Uptick -- Market Ta...
DJ Nymex/Comex Globex Metals Futures Hourly Price Updat...
Top 5 Special Reports
Spot Turmeric Prices Moves Up On Lower Arrivals
Technical : Jeera Unjha Spot : Expect Slide Towards 140...
Technical : Dhaniya Kota Spot : Breakout Above 5700 Is ...
India Sugar Production Up 47% Y/Y At 258.06LT - ISMA
COOIT Pegs Mustard Output At 70.5 Lakh Tonnes For 2017-...
Copyright © CC Commodity Info Services LLP. All rights reserved.