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India increases wheat import duties

25/05/2018,

The Government increased the import duty on wheat from 20 percent to 30 percent on 24 May, which follows a 10-percentage-point rise in November last year (FPMA Food Policies). The measure intends to curb imports and protect farmers amid large domestic availabilities. Harvesting of the 2018 rabi crop is ongoing and the Government's third advance production estimate puts the output at a record level of 98.6 million tonnes, following two years of bumper harvests. In an effort to protect farmers from potential price declines, the Government had already increased the Minimum Support Prices for 2018 rabi crops in late October 2017 (FPMA Food Policies). The quantity of wheat procured in the current 2018/19 marketing year (April/March) is reported to be higher than in the corresponding period last year and is likely to surpass the target of 32 million tonnes.

Country: India