There is some respite expected for India in terms of prices of imported commodities. This may ease the depletion of its foreign exchange reserves. The country has faced a widening of its merchandise trade deficit from US$ -17.91 billion to US$ -26.91 billion between October 2021 and October 2022. The commodity price data provided by the World Bank in December 2022 (termed as The Pink Sheet) shows that energy prices plummeted by...
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Concessional customs duty on imported edible oil extended till March -Gireesh Chandra Prasad
-Livemint.com The government had in October 2021 announced concessional import duty on crude soybean oil, crude palm oil and crude sunflower oil till March 2022, which was once extended till end of September. This has now again been extended till next March, as per the order. NEW DELHI: The finance ministry has extended concessional basic customs duty and agriculture and infrastructure development cess applicable on edible oils by six months till end...
More »Some festive cheer on edible oils front as prices dip, mustard oil is the only exception -Samyak Pandey
-ThePrint.in As many as 4 import duty cuts were effected with respect to three edible oils between June and September, following a sharp rise in prices over the preceding months. New Delhi: The price of most edible oils has decreased by up to 7 per cent over the past two weeks on the back of a series of import duty cuts, bucking the usual festive-period trend of cost spurts. Approximately 60 per cent...
More »Centre hikes import duty on crude, refined soft edible oils
-The Hindu Business Line Palm oil imports slow down in May Bengaluru/ Ahmedabad: The Centre has increased the import duty on crude and refined soft edible oils such as soy oil, sunflower oil and rapeseed on Thursday. Duty on crude soft edible oils has been hiked to 35 per cent and on and soft oils to 45 per cent. Earlier, crude soy oil attracted an import duty of 30 per cent, and sunflower...
More »Will a pro-farmer trade policy help BJP electorally? -Sayantan Bera
-Livemint.com BJP-led central government has raised import duties on a range of edible oils, ahead of the crucial Gujarat assembly elections New Delhi: Ahead of the crucial Gujarat assembly elections, the centre last week raised import duties on a range of edible oils, in a bid to support growers who are bearing losses due to plunging domestic prices. On 17 November, India, the largest importer of edible oils globally, raised import duties on...
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