India Poised for Second Import Tax Hike on Vegetable Oils
India plans to raise import taxes on vegetable oils for the second time in six months to support domestic oilseed farmers facing low prices. While the move may boost local prices, it could reduce demand and imports. An official announcement is expected soon, with food inflation concerns being considered.
India is set to raise import taxes on vegetable oils for the second time within six months, aiming to support oilseed farmers hit by falling domestic prices, according to government sources.
As the world’s largest importer of edible oils, a hike could uplift local oil prices but curb demand and imports. Inter-ministerial discussions on the duty hike have concluded, with an official announcement expected soon.
In September 2024, import duties were increased significantly, yet soybean prices remain under state support levels. The government will consider the move’s impact on food inflation as decisions finalize.
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Source : Devdiscourse
