Govt extends 25% tax on wheat imports: food minister
- How Huawei P20 Pro compares with Google Pixel 2 XL, Samsung Galaxy S9+ and Apple iPhone X
- Apple supplier AMS’s outlook spurs fears of weak iPhone X demand
- HPBOSE 12th result 2018 declared, check your board exam results on hpbose.org
- Modi-Xi summit as significant as Rajiv Gandhi-Xiaoping meet: Chinese official media
- Mahesh Babu’s ‘Bharat Ane Nenu’ storms domestic, overseas box office
New Delhi: India has extended a 25% tax on wheat imports, the food minister said on Friday, to help curb cheap shipments with domestic stockpiles rising at the world’s second-biggest wheat producer.
India in March extended the 25% import tax on wheat by three months to 30 June. The government has approved a further extension of the import tax, food minister Ram Vilas Paswan said in a tweet, without specifying any timeline.
Wheat stocks at state-owned warehouses in India reached more than 40 million tonnes at the start of June. That is at least 12 million tonnes more than the government-set target for wheat inventory by 1 July.
Despite plentiful wheat stocks at home, some flour millers near port cities in southern parts of the country have been importing the protein-rich variety of the grain mainly used to make pizzas and pasta.
Flour millers find it cheaper to import wheat from countries such as Australia than transporting local wheat from northern and central states, the grain basket of India.
Still, India’s wheat imports could surge to a decade-high in 2016/17, forcing the country to look at cutting import taxes, a leading consumer products company said last week. Reuters