India may scrap wheat import duty to cool domestic prices, say sources

MUMBAI: India could scrap a 40 percent duty on wheat imports and cap the amount of stocks traders can hold to try to dampen record high domestic prices in the world’s second-biggest producer, government and trade officials told Reuters on Monday.

Late in the day, the Trade Ministry said it would restrict the export of some wheat-derived products like finely milled “maida” and semolina from Aug. 14, with only an inter-ministerial committee allowed to clear their shipment. Exports of the items are generally small.