Government mulls scrapping import duty on wheat to curb skyrocketing prices

In a bid to curb the rising prices of commodities ahead of festivities, the government is actively mulling scrapping import duty on wheat, according to a Zee Business report.

A meeting of the inter-ministerial group (IMG) is scheduled for tomrrow evening to discuss the proposal and will be attended by officials from the Ministry of Consumer Affairs, Food, Agriculture, Commerce, Industry, Petroleum and Finance.

It is said that the government may consider scrapping import duty on wheat to provide relief to the people and bring the prices under control. Besides, there has also been a surge in the price of rice.

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There is a possibility that the inter-ministerial group will discuss the regulation on export to ensure prices and availability on it.

During the meeting, the Ministry of Consumer Affairs, Food and Public Distribution will share an update on the increase in the prices of pulses and other commodities and a report on the edible oil prices will also be submitted.

The inter-ministerial group may also discuss the Reserve Bank of India’s outlook on inflation and overall growth, the report added.

The RBI had on Friday while announcing its monetary policy discussion had retained its retail inflation forecast for current fiscal year at 6.7 per cent amid geopolitical developments and higher global commodity prices, hoping inflationary pressures to ease further.

In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at 6.7 per cent, up from 5.7 per cent forecast in April.

The inter-ministerial group is also likely to discuss the international crude oil prices and its impact on the prices in the domestic market.

Crude oil prices eased on Wednesday after industry data showed US crude inventories unexpectedly rose last week, signaling a potential hiccup in demand, though concerns over supply kept losses in check, a news agency Reuters reported.

Brent crude futures fell 23 cents, or 0.2%, to $96.08 a barrel at 0323 GMT and US West Texas Intermediate crude futures declined 28 cents, or 0.3%, to $90.22 a barrel, Reuters report said.