Back India may reduce wheat import duty if needed

India may lower wheat import duty if required, Food Corporation of India (FCI) chairman Ashok Meena on Friday said. All-India average retail prices of wheat increased by nearly 1% to ₹29.13 per kg in one month, while rice retail prices have gone up 1.7% to ₹39.88 a kg, according to data by the Ministry of Consumer Affair’s price monitoring division. The spike in wheat prices despite the stock limit, which was imposed on 12 June. The price rise is attributed to a likely fall in wheat production. Though the agriculture ministry pegs wheat output 4.6% higher on year in 2022-23 (July-June) at nearly 113 million tonnes (mt), the industry estimates 10% lower harvest from the government’s estimation. According to experts, wheat prices are expected to move up further in view of El Nino compromising monsoon rainfall. To curb the rising trend in retail prices, the government has decided to conduct open market sales operations (OMSS) of wheat immediately and rice from 5 July. In the first ...