India reduced the import duty on wheat to 10%
the Indian government has reduced import duties on wheat from 25% to 10%. Despite the high toll, Indian importers this year has already achieved on the global markets 1.5-2 million tons of wheat since its price is lower than local grain production even with all the cost. The reduction in tariff rates will increase import of wheat. During the year, India is planning to import 3-5 million tonnes of wheat.
Association of Indian millers RFMFI welcomes this decision. Secretary Veena Sharma said that they will help contain prices and increase demand.
Ukrainian exporters have already implemented in India more than 500 thousand tons of wheat of the crop of 2016. The reduction of customs rates will allow us to accelerate sales. India usually buys Australian wheat, however it is more expensive than Ukrainian.
last year, India's government increased customs rate on the import of wheat from 10% to 25% for the period until the end of March 2016. Since that time, the validity of the increased rates several times renewed.