New Delhi: The Union government has extended the reduced import duty regime for some of the key edible oils by a year. The government will allow the import of edible oils at lower import tax rates until March 2025.
The lower import duty regime on crude palm oil, crude sunflower oil and crude soyoil was originally set to expire in March 2024. The basic import duty on refined soyabean oil and refined sunflower oil was reduced from 17.5 per cent to 12.5 per cent.
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India is the world’s second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its needs through imports. India imports about 56% of its total annual edible oil consumption of around 24 to 25 MT. In terms of share in domestic output, the share of oils includes mustard (40%), soybean (24%), and groundnut (7%) among others.
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