By Pratik Parija/ Bloomberg
New Delhi: India extended by a year the tax break given to lentil importers, part of a government plan to restrain prices.
Importers will be allowed duty-free purchases from overseas until 31 March 2009, the food ministry said in a statement issued in New Delhi on 25 May. The tax break was expected to end on 31 March 2008.
The key wholesale price inflation rate fell to 5.27% in the week ended 12 May, from 5.44% the previous week, the Ministry of Commerce and Industry said in a statement in New Delhi.
Inflation remained higher than the 5% target set by the Reserve Bank of India, the nation’s central bank.