India Cancels Idea Of Imposing Tax On Wheat Import

India Cancels Idea Of Imposing Tax On Wheat Import

New Delhi, March 21-The Central Government cancelled it’s idea of increasing tax on Import of wheat according to a spokesperson of the Prime Minister’s office . Recently the Trade and Finance ministry were planning to increase the tax to 40% to facilitate both the local markets and the domestic farmers. The Trade and Finance Ministry predicted
that this year’s harvest would cross 97.11 million tons and would reach 98.51 million the actual target amount.

On the other hand the experts feel that the Central Government has taken the decision of not increasing the tax on wheat import because the production of the crop may be lower than last year. Tejinder Narang, a New Delhi based analyst added that the production of the crop would be 91-92 million this year . Indian flour millers had to import 2 million tons of wheat in 2017 and 6.5 millions in 2016.In India imported wheat is generally mixed with Indian flour for making pizzas and pasta.

by TNBC Staff Reporter on March 22, 2018

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