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To improve the supply of wheat, the government removed a 10% import duty on the grain. Earlier, in September, the wheat import duty was brought down to 10% from 20%. Sources told the Financial Express that the move is aimed at ensuring that retail wheat prices, which have seen an increase in the last few weeks, are kept under check till the new crop arrives in the market from April 1, 2017. Around 2 million tonne (mt) of wheat from Ukraine and Australia has been imported by private players in the current financial year. Traders say that with the abolition of import duty, another 3 mt of wheat is expected to be imported in the current financial year. Meanwhile, wheat sowing has been continuing across the key growing states — Punjab, Haryana, Rajasthan, UP and Madhya Pradesh.
Read More: http://www.financialexpress.com/market/commodities/to-protect-public-from-price-rise-narendra-modi-govt-abolishes-wheat-import-duty/469060/