Government may cut import duty on wheat to curb rising prices
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The government is likely to slash the import duty on wheat due to rising domestic prices of the staple commodity, official sources said.
Wheat prices have gone up to Rs 2,500 per quintal and with the festival season round the corner, if the government cuts duty now, then it will take imported wheat around 30 to 40 days to reach India, and the landing cost would then be equal to Rs 2,500 per quintal, sources said.
In June, the government had imposed stock limit on wheat to bring down prices.
Government sources, however, ruled out any move to import wheat from Russia.
