India Extends Free Import of Yellow Peas Until October 2024

By Anand Krishnan --
Friday, 10 May, 2024

New Delhi: In a move aimed at ensuring the steady supply of pulses and addressing domestic demand, India has decided to extend the free import of yellow peas until October 2024. The Directorate General of Foreign Trade (DGFT) made the announcement, indicating a continuation of the policy without the Minimum Import Price (MIP) and port restriction conditions.

This extension comes after a series of previous extensions, highlighting the government's commitment to maintaining a favorable import environment for yellow peas. Initially implemented in December the preceding year, the duty-free import policy was first extended until March 2024, then April, and subsequently June, before the recent extension until October.

Under the new directive, importers can bring in yellow peas without the MIP condition and port restrictions, provided they register under the online Import Monitoring System. The DGFT emphasized that this regulation applies to all import consignments where the Bill of Lading is issued on or before October 31, 2024.

The move is significant considering the importance of yellow peas in India's agricultural landscape and its role in meeting the country's protein needs. Yellow peas are a crucial source of protein and other essential nutrients, particularly for the vegetarian population.

According to data from April-February FY24, the import of yellow peas witnessed a substantial increase, reaching $235.92 million compared to a mere $0.14 million in FY23. This surge underscores the growing reliance on imports to bridge the demand-supply gap and stabilize prices in the domestic market.

By extending the free import window, the government aims to ensure a continuous and adequate supply of yellow peas, thereby mitigating any potential shortages and price fluctuations. Additionally, the absence of MIP and port restrictions is expected to facilitate smoother import operations and encourage greater participation from traders and importers.

The decision aligns with the government's broader efforts to bolster food security and support the agricultural sector, especially in light of global market dynamics and fluctuations in commodity prices. Furthermore, it reflects India's commitment to fostering trade relations and meeting the nutritional needs of its populace.

In conclusion, the extension of duty-free import for yellow peas until October 2024 underscores India's proactive approach in managing its agricultural imports and ensuring food security. It not only provides relief to consumers but also presents opportunities for traders to capitalize on the growing demand for pulses in the country.

India Extends Free Import of Yellow Peas Until October 2024. New Delhi: In a move aimed at ensuring the steady supply of pulses and addressing domestic demand, India has decided to extend the free import of yellow peas until October 2024. The Directorate General of Foreign Trade (DGFT) made the announcement, indicating a continuation of the policy without the Minimum Import Price (MIP) and port restriction conditions.

This extension comes after a series of previous extensions, highlighting the government's commitment to maintaining a favorable import environment for yellow peas. Initially implemented in December the preceding year, the duty-free import policy was first extended until March 2024, then April, and subsequently June, before the recent extension until October.

Under the new directive, importers can bring in yellow peas without the MIP condition and port restrictions, provided they register under the online Import Monitoring System. The DGFT emphasized that this regulation applies to all import consignments where the Bill of Lading is issued on or before October 31, 2024.

The move is significant considering the importance of yellow peas in India's agricultural landscape and its role in meeting the country's protein needs. Yellow peas are a crucial source of protein and other essential nutrients, particularly for the vegetarian population.

According to data from April-February FY24, the import of yellow peas witnessed a substantial increase, reaching $235.92 million compared to a mere $0.14 million in FY23. This surge underscores the growing reliance on imports to bridge the demand-supply gap and stabilize prices in the domestic market.

By extending the free import window, the government aims to ensure a continuous and adequate supply of yellow peas, thereby mitigating any potential shortages and price fluctuations. Additionally, the absence of MIP and port restrictions is expected to facilitate smoother import operations and encourage greater participation from traders and importers.

The decision aligns with the government's broader efforts to bolster food security and support the agricultural sector, especially in light of global market dynamics and fluctuations in commodity prices. Furthermore, it reflects India's commitment to fostering trade relations and meeting the nutritional needs of its populace.

In conclusion, the extension of duty-free import for yellow peas until October 2024 underscores India's proactive approach in managing its agricultural imports and ensuring food security. It not only provides relief to consumers but also presents opportunities for traders to capitalize on the growing demand for pulses in the country.