Govt may allow duty-free import of Maize up to 500k tonnes

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The government is considering to allow import of up to 500,000 tonnes duty-free maize this year under the tariff rate quota to ease the supply crunch for starch and poultry industries, a senior government official said.

The imports would be allowed only for actual users and canalized through state trading companies, the official said.

Maize currently attracts 60% import duty, but under the tariff rate quota, imports are allowed duty-free for a specified quantity.

India had last imported maize in 2015-16 (Apr-Mar), when it bought 240,000 tonnes of the coarse grain under the tariff rate quota.

The starch and poultry industries had been lobbying with the government to permit import of duty-free maize as prices have shot up due to tight supplies.

NCDEX Tips

Though the government has pegged kharif maize output this year at a record high of 21.47 million tonnes, up over 6% on year, industry estimates peg production much lower at 13-14 million tonnes.

"There is clearly a deficit in the market this year, which needs to be bridged by imports," the official said.

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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