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The Centre has imposed an import duty of 10 per cent on wheat and tur in a bid to check falling domestic prices and support farmers and traders.
The decision is significant as prices of agri commodities in the domestic market, especially pulses, are already under pressure due to a bumper crop.
The import duty will result in a slight firming of prices. In the case of wheat, apart from helping farmers realize a higher price, it would also help imports as landed prices would become relatively competitive,said grain analyst Tejinder Narang.
Raising the import duty on wheat to 25 per cent would, however, make imports prohibitive, said Narang. “But a further increase in duty is unlikely as the government has to replenish its stocks,” he added.
The move is expected to have a revenue implication of ?840 crore at present levels of import, Arjun Ram Meghwal, Minister of State for Finance, said in Parliament on Tuesday.
The government had reduced customs duty on wheat to zero from 10 per cent in December 2016 to increase availability in the market and control prices.
But, with new wheat crops starting to arrive in Madhya Pradesh, Rajasthan and Gujarat, and the government estimating a record production of 96.64 million tonnes in the 2016-17 crop year (July-June) against 92.29 million tonnes last year, availability is no more a concern.
BULLS vs. BEARS
Estimation of higher crops-Bear
Rise in demand at lower level -Bull
Imposed stock limits-Bear
Fall in area under cultivation-Bull
WEATHER
Dry weather will be the main feature of the week for most parts Central India. Heatwave conditions are expected to be observed over the states of Gujarat, West Madhya Pradesh, Vidarbha. Maharashtra will continue to observe sky high maximums with some cities witnessing the temperatures crossing the 40-degree mark.
On and off isolated rain is expected over parts of Kerala. Mainly warm and humid weather is expected over parts of Southern Peninsula. Temperatures will continue to be over 40-degrees in parts of Rayala seema and Telangana. Isolated rainfall may occur over coastal areas of Tamil Nadu on April 2.
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