Friday, 28 August 2015

India's agriculture ministry is in favour of increasing the import duty on both crude and refined edible oils: 28 Aug 2015

India's agriculture ministry is in favour of increasing the import duty on both crude and refined edible oils in a bid to protect the interest of the domestic farmers. As per a report by The Economic Times, Radha Mohan Singh, Agriculture minister, has written a letter to finance ministry suggesting the import duty on crude edible oil be hiked to 10% from 7.5%, and to 20% from 15% in case of refined edible oil. The refining industry has been calling for a hike in the import duty for long. India rely on imports for as much as 70% of its annual consumption of edible oil of 19.5 million litres. As per the fourth estimate on food production, oilseed production fell 18.5% to 26.68 million tonnes in 2014-15, compared to the previous year.

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