Indian government has imposed an 80 percent duty on rice imports with immediate effect to curb the influx of cheap grain. Rice imports were allowed duty free. The duty was imposed by keeping in view the interest of India’s rice farmers. Lots of rice was coming in from Pakistan which was absolutely unjustified,therefore the duty have impos. Last month about 40,000 tonnes of Pakastani non-Basmati rice had arrived in India. India had imported about 56,000 tonnes of rice from Pakistan in the past four months. The country’s rice output was expected to rise from 2.6 m tonnes to 88.68m in 99-00 (July-June). |
Market Update (Foodgrains) |