The Commerce Ministry has allowed import of 500,000 tonnes of non-genetically modified (GM) maize at zero duty under the tariff rate quota (TRQ). This step has been taken on expectation that the production of maize is likely to drop for the second straight year due to drought in 10 states. This import will also help to meet demand arising from starch, poultry and animal feed industry.
Accordingly, PEC has floated a global tender for import of 320,000 tonnes of non-GM yellow maize to boost domestic supply from next month. The bids are to be submitted by January 11 and the decision on tenders will be taken on the same day. The bids will be valid up to January 14.
India is traditionally a major exporter of maize to Southeast Asia and the likely fall in production is expected to hit exports. The prices of maize have shot up by more than 25% to Rs 1,450 per quintal in last few weeks and traders have started hoarding the commodity.