PEC floats tenders to import 1.2 lakh tonnes of maize

State-owned trading firm PEC has floated global tenders to import 1.2 lakh tonnes of maize to boost domestic supply and check price rise.
Earlier this month, Commerce and Industry Minister Nirmala Sitharaman approved imports of 5 lakh tonnes of maize under Tariff Rate Quota by a state trading enterprise to check prices and prevent hoarding.
Under Tariff Rate Quota Scheme, government allows imports of four products, including maize (corn), at concessional rates of customs duty. At present, maize attracts 50 per cent import duty. However, under the Tariff Rate Quota Scheme, the import duty is zero.
Through two separate tenders, PEC has sought 1.2 lakh tonnes of maize (non-genetically modified). The last date of submitting the bids is July 22. The shipment has to be done before August 15.

In June, state-owned trading firm PEC had invited bids for import of 50,000 tonnes of maize to boost domestic supplies in view of fall in production.
As per Agriculture Ministry's third advance estimate, maize production in the country is estimated to have declined to 21.02 million tonnes in 2015-16 from 23.67 million tonnes in the previous year.
India has been traditionally a major corn exporter to Southeast Asia but drought and rising domestic demand has cut export supplies. Poultry sector and starch manufacturers are the major consumer of maize.