India Has No Intention To Scrap Import Duty On Wheat As Of Now: Govt Official

Food Secretary Sanjeev Chopra told the media on Thursday that the central government has no immediate plans to abolish the import duty on wheat.

However it will reduce the limit on the amount of stocks that traders and millers can hold, reported ET.

New Delhi was considering cutting or even abolishing a 40 per cent import tax on wheat as part of efforts to boost supplies, a government official said last month.

India will release more wheat stocks into the open market if required to curb prices during the coming festive season, Chopra said.

“There’s adequate availability of wheat, rice and sugar in the country but some unscrupulous elements are trying to take advantage of rumours about supplies,” he added.

Wheat prices are trading near their highest level in seven months, while sugar prices on Thursday rose to their highest in six years.

Chopra said the country is holding 8.5 million tonnes of sugar, sufficient to fulfil requirement of than three and half months.

“Despite sufficient stocks, a sense of artificial shortage is being created in the country,” he said.

“The government is fully prepared to meet festival demands for rice, wheat and sugar,” he stated.

Tags: stocks, Market, tax, millers, импорт, prices, rice, sugar, wheat, duty