Farm ministry proposes raising import duty on wheat to 40-50%.

The farm ministry has asked the finance ministry to raise the import duty on wheat to 40-50% from the current 20% to check supply in the domestic market. There is ample supply of wheat in global markets and if we let imports continue, it will create huge distress for our farmers. The food ministry is, however, reluctant to suggest duty change before the situation with the upcoming crop is clear. The final decision will, however, be made after an inter-ministerial meeting which is likely to be held in the next 10 days.