How Will Import Duty Cut On Edible Oil Boost Supply, Asks Government
Amid demands for reducing import duty on rice bran oil and olive pomace oil, the government has asked edible oil associations to explain how the move will help boost domestic availability.
According to official sources, Food Secretary Sudhanshu Pandey has written to the Solvent Extractors Association of India (SEA), Indian Vegetable Oil Producers Association (IVPA) and Soybean Processors Association of India (SOPA) in this regard.
"...industry may give a written representation on how the reduction in the duty structure of rice bran oil and olive pomace oil will help to increase the availability of edible oils in the country," the letter said.
The letter comes following a meeting on July 6 on the availability of edible oils and price situation in the country. In that meeting, the government had directed the industry associations to reduce the maximum retail price (MRP) by up to Rs 15/litre and pass on the fall in international prices to consumers.
Apart from promising to reduce the MRP of imported edible oils, the industry associations had in that meeting urged the government to reduce the import duty on rice bran oil and olive pomace oil, in line with crude soybean oil and crude sunflower oil, in order to increase the domestic supply.
"There is demand for rice bran oil and olive pomace oil in the country. Reduction in duty will help import of at least 15,000 to 20,000 tonne of these two cooking oils," SEA Executive Director B V Mehta told PTI.
On May 24, the government had allowed duty-free import of 20 lakh tonnes of crude soybean oil and crude sunflower oil each under the tariff rate quota (TRQ) system for 2022-23 and 2023-24 with an aim to increase supply and moderate domestic prices.
TRQ is a quota for a volume of imports that will enter India at specified or nil duty. After the quota is filled, the normal tariff applies to additional imports.
The associations have also been asked to direct edible oil makers which have not reduced MRP to reduce the same, sources said. They have also been asked to involve themselves in the methodology of price collection of edible oils for the benefit of both the industry and government.
India meets 60 per cent of its edible oil requirement through imports.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
