Edible oil import duty should not be reduced
New Delhi: According to the Free Trade Agreement with the countries of South-East Asia, the duty on refined palm oil imports will be reduced from 50 percent to 45 percent and crude palm oil from 40 percent to 37.5 percent from January 1. However, the central government should not reduce the import duty on edible oil to reduce the inflation rate. The Solvent Extractors Association of India has demanded that the surplus fund from the fee be used for the oilseeds development fund.
India is one of the world's largest palm oil importers. India imports about 62% of the 9 million tonnes of edible oil imports every year. Out of the total edible oil imports in the country, imports amount to substantial chunk.
Source - Agrovan, 25 December 2019
If you find this information useful, click on the yellow thumb icon below the photo and share it with all your farmer friends through the options below!