Govt Extends Duty-Free Yellow Peas Import to Curb Inflation
In a move aimed at curbing inflation, the Indian government has extended the duty-free import of yellow peas by three months till the end of May. Additionally, the government has slapped a duty of 10 per cent on imports of lentils (masur) with immediate effect. The decision was announced through an official notification, which also imposed a 5 per cent basic customs duty and 5 per cent Agriculture Infrastructure and Development Cess on lentils with effect from Saturday.
The government’s decision to extend the duty-free import of yellow peas comes as a relief to the pulses industry, which has been reeling under the pressure of high prices. Yellow peas are an essential ingredient in a variety of dishes, including Indian and international cuisines, and their prices have been fluctuating wildly in recent months. The extension of the duty-free import period is expected to help stabilize the prices of yellow peas and make them more affordable for consumers.
The government’s move to impose a duty on imports of lentils (masur) is aimed at promoting domestic production and reducing the country’s reliance on imports. Lentils are an essential part of the Indian diet, and their prices have been rising due to a combination of factors, including a decline in domestic production and a surge in global demand.
The 10 per cent duty on lentil imports is expected to have a positive impact on domestic producers, who will now have a level playing field to compete with imported lentils. The duty will also help reduce the country’s trade deficit, which has been a major concern for the government in recent years.
The government’s decision to impose a duty on lentil imports is part of its broader strategy to promote domestic production and reduce the country’s reliance on imports. The government has been actively promoting the pulses industry through a range of initiatives, including the development of new technologies and the provision of subsidies to farmers.
The pulses industry is a significant contributor to India’s agricultural sector, and its growth has the potential to create thousands of jobs and improve the livelihoods of millions of farmers. The government’s efforts to promote the industry are expected to have a positive impact on the economy as a whole, and will help reduce the country’s dependence on imports.
The government’s decision to extend the duty-free import of yellow peas and impose a duty on lentil imports is expected to have a positive impact on the pulses industry and the economy as a whole. The move is likely to help stabilize prices, promote domestic production, and reduce the country’s reliance on imports.
In conclusion, the government’s decision to extend the duty-free import of yellow peas and impose a duty on lentil imports is a significant step towards promoting the pulses industry and reducing the country’s reliance on imports. The move is expected to have a positive impact on the industry, farmers, and consumers, and will help stabilize prices and promote domestic production.
