India has decided to extend the timeline for duty-free imports of yellow peas by an additional four months, pushing the deadline to October 2024, as per an official notification.
Originally, the central government had permitted duty-free imports of yellow peas until March 2024, which was later extended to April and then June. This move was aimed at addressing the soaring prices of pulses within the country.
The duty on yellow peas was initially imposed at 50 per cent in November 2017. India predominantly sources yellow peas from Canada and Russia, given its status as a significant consumer and grower of pulses. While India produces a variety of pulses such as chana, Masur, urad, Kabuli chana, and tur, it still relies on imports to meet a portion of its domestic consumption needs.
To curb hoarding and ensure a continuous supply of tur and urad dal in the market, the government extended stock limits on these pulses until December 31, following revisions in stock holding limits for certain stakeholders in September. These measures were implemented to maintain affordable prices and prevent market distortions.
Despite various initiatives and incentives for farmers, India's dependence on pulse imports remains substantial. In the fiscal year 2023-24, pulse imports surged to an estimated USD 3.74 billion, nearly doubling compared to the previous year. Although official figures are awaited, it is believed that shipments exceeded 45 lakh tonnes in the concluded financial year, compared to 24.5 lakh tonnes in the preceding year.
