(MENAFN- KNN India) Central Government has decided to import maize to check prices and hoarding of the important coarse grain, in the wake of fall in domestic production of the crop.
Commerce ministry has tweeted that to check prices and prevent hoarding, Commerce and Industry Minister Nirmala Sitharaman has approved importing 5,00,000 MT of maize under Tariff Rate Quota by a state trading enterprise.
Under Tariff Rate Quota Scheme, Government allows imports of four products, including maize (corn), at concessional rates of customs duty.
At present, maize attracts 50 per cent import duty. However, under the Tariff Rate Quota Scheme, the import duty is zero.
India has been traditionally a major corn exporter to Southeast Asia but drought and rising domestic demand has cut export supplies.
Poultry sector and starch manufacturers are the major consumer of maize. (KNN Bureau)