Centre may lower import duty on wheat to combat sharply rising prices

The government could lower import duty on wheat as part of measures to combat the sharply rising prices of the commodity over the past few weeks, say trade and market players.

Though there is no official confirmation on this, market participants expect measures to ensure there is no flare-up in flour rates in the festival season, which starts this month.

India levies an import duty of 40 per cent on wheat.

Liquidating some stocks from the Central pool for private traders and a curb on excess holding could be considered.

However, in the present global conditions, if import duty goes, it won’t be of