NSWS for sugar production to integrate with GSTN before 2025, edible oil prices surge amid global factors
By December 2024, India’s National Single Window System (NSWS) will integrate with GSTN for real-time tracking of sugar production, ethanol diversion, and sales. Meanwhile, edible oil prices remain high due to global factors and a lean palm oil season. The government raised import duties in September 2024 to support domestic farmers, focusing on boosting local oilseed production amid import reliance.
The National Single Window System (NSWS) for sugar production will integrate with GSTN (Goods and Services Network) by December 2024, government sources told CNBC-TV18. The integration aims to enhance tracking of sugar production, ethanol diversion, and sales, while curbing malpractices such as falsification of stock levels. Weekly data updates will enable real-time monitoring, potentially helping stabilise sugar prices amid market volatility. However, sources clarified there are no plans to permit sugar exports at this time.
On the rising retail prices of edible oils, sources attributed the spike to factors beyond government control, such as global price increases and the lean palm oil season in Southeast Asia. Although no decision has been made on reducing import duties on edible oils, sources noted these duties were introduced to safeguard domestic farmers’ interests.
In October 2024, the government voiced concerns over rising edible oil prices during the festive season, leading to inter-ministerial consultations to assess the impact of import duties and explore consumer relief measures.
On September 14, the Union Government had raised import duties on crude and refined edible oils to boost domestic oilseed farmers’ prospects. Duties on crude palm, soybean, and sunflower oils rose from 5.5% to 27.5%, while refined edible oil duties increased from 13.7% to 35.7%.
Despite expectations of fresh soybean and groundnut crops entering markets by October, edible oil retail prices recorded double-digit growth from September to October. With imports accounting for 58% of India’s edible oil demand, the government is promoting increased local production to ensure a stable supply and shield the domestic market from global price shocks.
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Source : CNBC TV18
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