HomeLifestyleGovernment's concern raised by record wheat prices, import duty may end

Government’s concern raised by record wheat prices, import duty may end

New Delhi. India is the second largest producer of wheat in the world. At present the prices of wheat are touching the sky. In view of the increased prices of wheat, the government can take some big decisions soon. The central government can do away with the 40 per cent duty duty on the import of wheat. Also, to bring down the prices that have reached a record high level in the country, it can impose a limit on the stock for the traders. Reuters got this information from the government and trade people on Monday.

Exports were banned in May
The central government had banned the export of wheat in May in view of crop loss due to scorching heat. Despite this, domestic wheat prices remain at a record high. However, as the international prices are higher than the domestic market, there is no point in importing from abroad for the traders.

Also read- Why was the reduction in the wheat given to the states and the grain allocation changed? What is the trend of consumption of wheat in the country?

May be imported during festival season
Traders said that if the government removes import duty on wheat and international prices are also lower, then they can start importing during the festival season. A senior official, who spoke to industry representatives last week, said that we are looking at all possible options to bring down wheat prices. The government may remove 40 per cent import duty and impose stock limits on wholesalers and traders, the official said. With this, the government will try to show everyone that it wants to keep prices down.

how much have the prices increased
The data from the Ministry of Consumer Affairs, Food and Public Distribution shows that it is touching record highs. The retail and wholesale prices of wheat flour were 14 per cent and 19 per cent higher, respectively, on an annual basis across the country on 6 August. In contrast, in July, wheat prices declined by 14.5 per cent on a monthly basis.

Tags:, Wheat crop

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