The reduction in import duty will directly benefit the kitchen budget of the common people, although this reduction in import duty is only till 30 Sep
In slight relief to common people from inflation, the government has decided to reduce the import duty on soya oil and sunflower oil from 15% to 7.5%. Earlier, the government had also cut import duty on crude palm oil.
Overall, the effective duty has been reduced by 8.25% by including all taxes. The total duty has come down from 38.50 percent to 30.25 percent. Agri Cess and Social Welfare Cess are also included in the total duty.
The reduction in import duty will directly benefit the kitchen budget of the common people, although this reduction in import duty is only till 30 September. At present, the government imports 15 million tonnes of edible oil annually, which costs about Rs 70,000 crore. Whereas the country's annual consumption is 25 million tonnes of edible oil. Palm oil is imported into India from both Malaysia and Indonesia. India imported 7.2 million tonnes of palm oil from Malaysia and Indonesia last year. The share of palm oil in total imports is about 55 percent. 34 lakh tonnes of soybean oil was imported from Brazil and Argentina and 2.5 million tonnes of sunflower oil was imported from Russia and Ukraine.
Earlier, the Modi government had approved the plan of Palm Oil Mission in the cabinet meeting held on Wednesday. To increase the availability of edible oils, the government announced a Palm Oil Mission of Rs 11,040 crore (National Edible Oil Mission-Oil Palm- NMEO-OP). The government has taken this step to make India self-reliant in the matter of edible oils. This mission of the government will reduce the dependence on the import of palm oil and will also pave the way for increasing the income of the farmers. At the same time, the oil industry will also benefit.
It was also decided in the cabinet meeting that if the market fluctuates and the price of the farmer's crop decreases, then the difference amount will be paid by the central government to the farmers through DBT. The amount which was given earlier in the agricultural material has also been increased. In order to enable people to set up industries in the Northeast region, it was decided to provide assistance of Rs 5 crore to the industry.
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