Loading…
India's government imposed a 10 per cent basic customs duty on wheat and tur dal with immediate effect. The duty reverses the December 2016 cut to zero that had been made to boost domestic supply.
The government estimated the revenue impact at about Rs 840 crore at current import levels.
The duty directly reduces India's wheat imports during its harvest, weakening import demand from a major buyer and putting downward pressure on world wheat prices. It also supports Indian farm-gate prices that had dropped below the minimum support price.
deccanchronicle.comDC CorrespondentMar 28, 2017After 122 past bearish policy events, WHEAT moved a median -0.3% over 5 sessions (44% higher; middle half -1.9% to +1.2%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
