Articles for tag: Aims, Dramatically, Edible, Election, Farmers, Global, Hike, Impacting, Import, Indias, Oils, Pressures, Prices, Struggling, Support, Tax

September 14, 2024

India’s import tax hike on edible oils aims to support struggling farmers, dramatically impacting global prices amid election pressures.

India has increased import taxes on crude and refined edible oils by 20 percentage points to support local farmers facing low oilseed prices. This decision raises the total import duty on palm oil, soyoil, and sunflower oil to 27.5%, significantly impacting the prices of these oils and potentially reducing demand from overseas. The new duties ...

September 14, 2024

Market News

Business

Government raises customs duties on edible oils to boost farmer incomes, while also slashing onion export duties for increased trade.

The Indian government has announced an increase in customs duties on crude palm and refined sunflower oil, raising them to 20% and 32.5%, respectively. This move is expected to significantly benefit farmers, especially those in key producing states like Maharashtra and Madhya Pradesh, as it will help raise their income. Additionally, the government removed the ...