Thursday, Oct 10 2024 | Time 22:39 Hrs(IST)
image
Business EconomyPosted at: Sep 14 2024 9:39PM


Govt hikes import duty on edible oils by 20 pc

New Delhi, Sep 14 (UNI) Seeking to curb edible oil imports and boost farmer income, the government has increased import duty on crude and refined edible oils by 20% with effect from September 14.
With these amendments in the duty rates, the effective import duty on crude palm oil, crude soybean oil, and crude sunflower oil has gone up from 5.5% to 27.5%.
As per the official notification, import duty on refined palm oil, refined soya oil, and refined sunflower oil has been increased to 35.75% from 13.75% earlier.
Meanwhile, the government has also removed the minimum export price condition for onions and basmati rice, making exports of the key agricultural items more competitive globally.
The decisions have also come ahead of the crucial assembly elections in Haryana, Jammu and Kashmir, Maharashtra, and Jharkhand.
"On one hand, these decisions will increase the export of Basmati rice and onion, while on the other hand, the import of edible oils will decrease. These decisions taken by the Modi government will increase the production and sale of our food producers and consumers will also be assured of full benefits," Commerce and Industry Minister Piyush Goyal said.
UNI NK ARN
Please log in to get detailed story.
Tags: #Govt hikes import duty on edible oils by 20 pc
More News

Tconsult launches Royal Alliance to drive Global Innovation & Investment

10 Oct 2024 | 5:34 PM

Hyderabad, Oct 10 (UNI) Tconsult and Queen Maria Leonora Torres of the Philippines have signed an exclusive Memorandum of Understanding (MoU) to formally establish the Tconsult Royal Alliance for Global Innovation & Investment.

see more..

Kottayam-Kochi Rubber Market Rates

10 Oct 2024 | 5:32 PM

Kottayam, Oct 10 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..

HYSEA sucessfully completes project Drona

10 Oct 2024 | 5:11 PM

Hyderabad, Oct 10 (UNI) HYSEA (Hyderabad Software Enterprises Association) on Thursday announced the successful completion of the first cohort of its pioneering faculty development and enrichment program, Project Drona.

see more..
TCS net up 5 pc in Q2 at Rs 11,909 crore; Interim dividend of Rs 10 per share

TCS net up 5 pc in Q2 at Rs 11,909 crore; Interim dividend of Rs 10 per share

10 Oct 2024 | 4:47 PM

New Delhi, Oct 10 (UNI) Starting the earning season for Q2 on a high, IT major and Tata group flagship company Tata Consultancy Services (TCS) on Thursday announced 5 percent year-on-year rise in net income at Rs 11,909 crore for the July-September or the second quarter of 2024-25 compared to Rs 11,342 crore in the same period last year.

see more..

Ultraviolette launches its sixth UV Space station in Visakhapatnam

10 Oct 2024 | 4:42 PM

Visakhapatnam, Oct 10 (UNI) Ultraviolette has launched its sixth UV Space Station in Visakhapatnam in Andhra Pradesh. With its latest UV Space Station Experience Center in Visakhapatnam Ultraviolette marked a groundbreaking addition to the city.

see more..
image