It would be a big move if India were to import wheat. After Russia’s invasion of Ukraine, Prime Minister Narendra Modi declared that his country was ready to “feed the world,” but changed course weeks later by restricting wheat exports to protect its own food supplies. Just two weeks ago, India, which dominates the global rice trade, banned the export of some varieties to control domestic food costs, sending rice prices in Asia to a three-year high.
India, the world’s second-biggest wheat producer, may abolish an import tax so that buying from overseas becomes more attractive, a move aimed at cooling domestic prices.
The government is considering cutting or scrapping a 40% duty on wheat imports, Food Secretary Sanjeev Chopra said Friday, confirming an earlier report by Bloomberg News. Wheat futures in Chicago extended gains to as much as 4.2%.
