Business IdeasNo plan to abolish import duty on rice: Sharma
Amid rice prices going up, the government today said it has no plans to abolish customs duty on rice import for now as there is sufficient stocks of the foodgrain.
"I don"t think that stage has come. We have sufficient stocks in the country," Commerce and Industry Minister Anand Sharma said when asked whether duty elimination on rice import was under consideration of the government.
India"s rice production touched record in 2008-09 at 99.15 million tonnes, helping the government achieve an all-time-high procurement of rice at about 33 million tonnes. However, crop prospects this year have been affected by drought in about half the country.