India has raised its import duty on wheat to 40% from 30%, the government said late on Friday, as the world’s No. 2 producer of the grain tries to support local farmers.
Local wheat prices have fallen over 11% in 2019 due to ample supply from last year’s crop and forecasts of record output.
The hike in duty is likely to make imports of wheat unviable for flour mills even after recent declines in global prices , potentially dragging further on global grain markets.
