Business News | No Proposal to Alter Duty Structure on Wheat Imports: Ministry
Get latest articles and stories on Business at LatestLY. The Ministry of Food and Consumer Affairs on Thursday stated that there is currently no proposal to alter the duty structure on wheat imports.
New Delhi [India], June 13 (ANI): The Ministry of Food and Consumer Affairs on Thursday stated that there is currently no proposal to alter the duty structure on wheat imports.
"At present, there is no proposal to alter the duty structure on imports of wheat" said the ministry in a statement.
The decision by the ministry is likely intended to maintain the current market conditions and prevent any potential disruptions that changes in import duties could cause.
The government is also keeping a close watch over market price of wheat to curtail the hoarding and black marketing of the wheat.
The Ministry of Consumer Affairs, Food & Public Distribution said, "The Department of Food and Public Distribution under Ministry of Consumer Affairs, Food and Public Distribution is keeping close watch on the market price of Wheat".
The Ministry also directed the department to ensure that there is no hoarding by unscrupulous elements and the price remains stable.
The Ministry said that during RMS (Rabi Marketing Season) 2024, the production wheat has reached 112 million MT. Food Corporation of India (FCI) has procured approximately 266 lakh metric tons (LMT) of wheat till 11.06.2024 during RMS 2024.
The Ministry also added that after fulfilling the requirements for the Public Distribution System (PDS) and other welfare schemes, which amount to approximately 184 LMT, there will be a sufficient stock of wheat available for market interventions when necessary. This measure aims to keep wheat prices stable and prevent any undue shortages in the market.
The buffer stocking norms for wheat vary by quarter. As of January 1, 2024, the wheat stock was 163.53 LMT, surpassing the prescribed buffer norm of 138 LMT.
This indicates that the wheat stock has consistently remained above the quarterly buffer stock norms, ensuring that there is no shortfall in supply at any point. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)