India may cut wheat import duty if needed

NEW DELHI: India may cut wheat import duty if required, broadcaster ET Now reported on Friday citing the head of the state-run Food Corporation of India (FCI).

The wheat harvest in 2023 is at least 10% lower than the government’s estimate, a leading trade body told Reuters on Wednesday, marking the second year of low production which could complicate New Delhi’s effort to keep a lid on prices of the staple.

According to the government, however, wheat output rose to a record 112.74 million metric tons in 2023, up from 107.7 million metric tons a year earlier.

The FCI is the country’s biggest buyer of grains.