The government has hiked the customs duty on wheat to 40 percent from 30 percent to curb imports and protect the domestic industry.
The government wants to restrict overseas purchase so that domestic prices of wheat do not come under pressure as the country's wheat output is expected to scale a record high this year.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The Central Board of Indirect Taxes and Customs, through a notification, has hiked the basic customs duty on wheat to 40 percent. In May last year, the government had hiked duty on wheat to 30 percent from 20 percent.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
The government has fixed wheat's minimum support price or the price at which it buys from farmers, at Rs 1,840 per quintal, up from Rs 1,735 a year earlier, as part of its decision to fix the support price at a minimum of 1.5 times the production cost.
The country's wheat production this season might cross 100 million tonnes, an all-time high. The output stood at record 99.70 million tonnes in the 2017-18 crop year (July-June).
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
