India’s food corporation may slash wheat import duty to curb price hikes amid low production estimates, according to state-run Food Corporation of India (FCI) head. A major trade group recently told Reuters that wheat harvests in 2023 are at least 10% lower than government predictions, likely complicating the government’s efforts to regulate the staple’s price. However, the government maintains that wheat production rose to a record 112.74 million metric tons in 2023, up from 107.7 million metric tons the previous year. If FCI ultimately needs to cut import duties, the move could help contain prices and alleviate some economic strains for India’s population, which is already dealing with double-digit food inflation.
India Considers Reducing Wheat Import Duty, Says Food Corporation Chief
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