Saturday, Feb 15 2025 | Time 10:05 Hrs(IST)
image
Business Economy


Govt hikes import duty on edible oils by 20 pc

New Delhi, Sep 14 (UNI) Seeking to curb edible oil imports and boost farmer income, the government has increased import duty on crude and refined edible oils by 20% with effect from September 14.
With these amendments in the duty rates, the effective import duty on crude palm oil, crude soybean oil, and crude sunflower oil has gone up from 5.5% to 27.5%.
As per the official notification, import duty on refined palm oil, refined soya oil, and refined sunflower oil has been increased to 35.75% from 13.75% earlier.
Meanwhile, the government has also removed the minimum export price condition for onions and basmati rice, making exports of the key agricultural items more competitive globally.
The decisions have also come ahead of the crucial assembly elections in Haryana, Jammu and Kashmir, Maharashtra, and Jharkhand.
"On one hand, these decisions will increase the export of Basmati rice and onion, while on the other hand, the import of edible oils will decrease. These decisions taken by the Modi government will increase the production and sale of our food producers and consumers will also be assured of full benefits," Commerce and Industry Minister Piyush Goyal said.
UNI NK ARN
More News

Rulka Electricals gets orders worth Rs 7 72 crore across seven states

14 Feb 2025 | 9:00 PM

Hyderabad, Feb 14 (UNI) Rulka Electricals Limited, a leading provider of integrated electrical and firefighting services, on Friday announced that it has secured new work orders totalling Rs. 7.72 crore from an MNC realty client.

see more..

EESL to Collaborate with Odisha Government for Large-Scale Energy Efficiency Initiatives

14 Feb 2025 | 8:33 PM

Bhubaneswar, Feb 14 (UNI) Energy Efficiency Services Limited (EESL), a joint venture of PSUs under the Ministry of Power, has signed a Memorandum of Understanding (MoU) with the Odisha government to collaborate on the exchange of ideas, technologies, and information for the implementation of large-scale energy efficiency measures.

see more..

South Indian Bank introduces ‘SIB Quick FD’ for seamless Fixed Deposit booking

14 Feb 2025 | 8:26 PM

Hyderabad, Feb 14 (UNI) South Indian Bank (SIB) on Friday announced the introduction of a new product variant, 'SIB Quick FD' that allows customers to open Fixed Deposits (FDs) seamlessly using funds from their other bank accounts.

see more..

LIC launches marketing Tech platform to power next-generation customer

14 Feb 2025 | 8:16 PM

Hyderabad, Feb 14 (UNI) Life Insurance Corporation of India (LIC), India's largest insurer, on Friday announced the launching of cutting-edge Marketing Technology (MarTech) platform, marking the first major milestone in Project DIVE - LIC’s ambitious, digital transformation initiative.

see more..

VEKA takes 100 pc control of uPVC biz in Joint Venture NCL-VEKA

14 Feb 2025 | 8:10 PM

New Delhi, Feb 14 (UNI) Germany based VEKA on Friday said it has successfully acquired 100 per cent ownership of the Company, marking VEKA’s unwavering commitment to the Indian market and its confidence in India’s rapidly expanding construction, real estate, and infrastructure sectors.

see more..
image