Summary:

To support domestic oilseed producers and processors, the Indian government has raised import duties on crude palm oil to 20% and on refined sunflower oil to 32.5%. Prime Minister Narendra Modi highlighted the government's dedication to farmers, noting that recent changes in export regulations for basmati rice and onions, along with higher import duties, aim to increase farmers' incomes and create rural job opportunities.

Union Minister Shivraj Singh Chouhan praised the Prime Minister for these farmer-supportive policies. The reduction of the export duty on onions from 40% to 20% is expected to enhance pricing and export prospects for onion producers. The removal of the minimum export price for basmati rice ensures fair compensation and stimulates demand. Additionally, increasing the basic duty on refined oils to 32.5% is anticipated to boost demand for various crops and generate jobs in rural areas.

Source: IBEF 

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