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Business EconomyPosted at: Sep 14 2024 9:39PM


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.
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