India extends duty-free import of yellow peas by four months
India relies partly on imports to meet its consumption needs
New Delhi: India has extended the timeline for duty-free imports of yellow peas by four more months until October 2024, as per an official notification.
Initially allowed until March 2024, the duty-free import window was later extended to April and then June, as part of government measures to stabilize pulse prices. The duty on yellow peas, introduced at 50 per cent in November 2017, primarily affects imports from Canada and Russia.
India, a significant consumer and producer of pulses, relies partly on imports to meet its consumption needs. The country mainly consumes chana, Masur, urad, Kabuli chana, and tur pulses.
In a move to curb hoarding and ensure sufficient supply of tur and urad dal, the government extended stock limits until December 31 and revised stock holding limits for certain stakeholders in September.
Despite various interventions and incentives for farmers, India remains reliant on pulse imports. Imports nearly doubled in 2023-24 to USD 3.74 billion. While official figures are awaited, estimates suggest shipments surpassed 45 lakh tonnes in the recently concluded fiscal year, compared to 24.5 lakh tonnes the previous year.
Government sources informed ANI that negotiations are underway with new markets like Brazil and Argentina for long-term contracts to meet domestic demand and stabilize prices.