Government clears 5,00,000 tonnes of corn imports at reduced duty to boost poultry sector

India’s corn imports in 2019 jumped to 312,389 tonnes in 2019 from 30,962 tonnes a…

India’s corn imports in 2019 jumped to 312,389 tonnes in 2019 from 30,962 tonnes a 12 months back

The Central Govt has authorised imports of 500,000 tonnes of corn this 12 months at a concessional 15 per cent import tax as it attempts to augment supplies of the animal feed for the poultry marketplace.

India, the world’s seventh-most important corn producer, commonly imposes a sixty per cent import tax on the grain.

The corn imports below the tariff-charge quota (TRQ) were permitted for conclude-buyers in the poultry and starch provide sectors, the govt claimed in a notification.

A main exporter of corn to southeast Asia until eventually a few a long time back, India has turned importer as output has fallen and demand from customers has developed from domestic poultry producers and corn starch producers.

India’s corn imports in 2019 jumped to 312,389 tonnes in 2019 from 30,962 tonnes a 12 months back, the Govt info showed.

India, which does not let cultivation of any genetically modified foodstuff crops, has policies in area to make certain that imports include no trace of genetically modified organisms.

New Delhi also cleared imports of ten,000 tonnes of milk and product powder for this 12 months at a concessional 15 per cent import tax, the Govt notification claimed.

The state also authorised import quotas of a hundred and fifty,000 tonnes each individual of rapeseed oil and sunflower oil carrying import taxes of 45 per cent and fifty per cent respectively.

India is the world’s most important importer of edible oils. It generally imports rapeseed/canola oil from Canada and sunflower oil from Ukraine and Russia.

But B V Mehta, government director of the Solvent Extractors’ Affiliation (SEA), a Mumbai-based trade entire body, claimed Indian refiners may well be not likely to import rapeseed oil and sunflower oil below all those tariff-charge quotas as the import tax on common imports is really decreased, at 35 per cent.

Released on

June 24, 2020

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