India lowers maize and milk import tariffs

26/06/2020,

On 24 June 2020, the Government authorized the import of 500 000 tonnes of maize at a concessional duty of 15 percent under the Tariff Rate Quota (TRQ) Scheme. Import taxes on maize normally range from 50 to 60 percent. The measure aims to boost domestic supplies of animal feed for the poultry sector and for the starch industry amid growing demand. Similarly, the Government allowed the import of 10 000 tonnes of milk and milk products at a concessional duty of 15 percent under the TRQ Scheme, down from an import duty normally ranging from 30 to 60 percent.

Country: India