June 25, 2020
India allows 500,000 tonnes of corn imports at reduced 15% tax
The Indian government has authorised 500,000 tonnes of corn imports at a lower 15% import tax to increase feed supplies for the poultry industry, Reuters reported.
The normal import tax for corn is 60%. India is the seventh biggest producer of corn in the world.
The Indian government said the corn imports will come under India's tariff-rate quota (TRQ) for the poultry and starch supply sectors.
With reduced corn production, India has turned to importing corn to meet surging demand from local poultry producers and manufacturers of corn starch.
Government data showed in 2019, India imported 312,389 tonnes of corn, a huge jump compared to the 30,962 tonnes imported in 2018.
India's laws do not allow genetically modified (GM) food crops to be planted. All imports to India cannot contain any GM organisms.