Key Points
In major pro-farmer decisions, the Central Government on Saturday said it had raisedthe basic duty on refined oil to 32.5%, cut export duty on onions from 40 to 20, increased import duty on edible oils from zero to20% and removed minimum export duty on basmati...
The decision to raise basic duty on refined oils will increase the demand for mustard, sunflower and groundnut crops for refinery oil...
He said dueto reduction in export duty, onion-producing farmers will get good prices for their crop and onion export will also increase.. Onremoval of export duty on basmati, Chouhan said basmati-producing farmers will get fair prices for their produce and with the increase in demand for basmati rice, exports will also rise.. The minister added, The farmer-friendly government has taken a decision toincrease the import duty on edible oils from 0% to 20%..
The total effective duty will be 27.5% after adding other measures.Increasing the import duty will increase the prices of soybean crop and edible oil manufacturers will also be encouraged to buy the crop from domestic farmers..
