The Indian government has announced a series of measures to allow limited imports of key agricultural commodities under tariff-rate quotas (TRQs), aiming to curb rising food inflation. The decision, made public on Wednesday, permits the import of specific quantities of corn, crude sunflower oil, refined rapeseed oil, and milk powder at reduced or zero duty rates. Under the new policy, India will allow imports of 500,000 metric tons of corn, 150,000 metric tons of sunflower oil or safflower oil, 150,000 metric tons of refined rapeseed oil, and 10,000 metric tons of milk powder. This move comes as food inflation in India has persisted at approximately 8 per cent year-on-year since November 2023, impacting the nation’s ability to reduce interest rates. The government has designated select cooperatives and state-run entities, including the National Dairy Development Board (NDDB), National Cooperative Dairy Federation (NCDF), and National Agricultural Cooperative Marketing Federation of India Ltd (NAFED), to handle these imports.
