Govt may cut import duty on wheat to curb rising prices

The government is likely to slash the import duty on wheat due to rising domestic prices of the staple commodity, official sources said.

Wheat prices have gone up to Rs 2,500 per quintal and with the festival season round the corner, if the government cuts duty now, then it will take imported wheat around 30 to 40 days to reach India, and the landing cost would then be equal to Rs 2,500 per quintal, sources said.

In June, the government had imposed stock limit on wheat to bring down prices. Government sources, however, ruled out any move to import wheat from Russia.