The NDA Government has scrapped the 10 per cent import duty on wheat with
immediate effect on the face of an imminent shortage of the cereal this
year.
Finance Minister Arun Jaitley made the announcement in Parliament on
Thursday Dec 08,2016 stating that the import duty on wheat had been reduced to nil
from 10 per cent without an end-date.
In September, the Government had lowered the wheat import duty to 10 per cent from 25 per cent till February 2017.
More imports are required because the industry says there is genuine
shortage because of fall in domestic output in 2015-16 crop year to 86
mt even though the Agriculture Ministry does not agree to it and is
still putting wheat output at 93.50 mt.
The Government’s move is expected to increase the supply of wheat in the country and check the rising prices.
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