India may reduce import duty on wheat

The duty on wheat imports to India may be reduced by the decision of the government of the country – this measure will act as a means of easing the pressure on price increases and combating inflation. This is reported in the statement of the Food Corporation of India (FCI).

At the same time, the country intends to start selling wheat and rice on the open market on July 5. “Thus, 400 thousand tons of wheat and 500 thousand tons of rice will be offered at the first electronic auction,” the statement said.

India is the second largest wheat producer after China, with a share of about 13.5%. The country annually produces more than 100 million tons of grain, but supplies most of it to the domestic market.

Tags: wheat, India