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According to sources, the government is considering whether to reduce or eliminate the Agriculture Infrastructure and Development Cess, which is currently 5%.
There may be more relief in the prices of edible oils soon. Government of India Soybean (soybean) and import duty on sunflower oil (Import Duty Bloomberg has given this information citing sources. According to sources, the government is considering whether to reduce or eliminate the Agriculture Infrastructure and Development Cess, which is currently 5%. A final decision on this can be taken this week. At present, no information has been given by the government in this regard. The cess on the products is used by the government for the development of infrastructure related to agriculture. At present the government edible oils (Edible Oil) is trying to control prices. In this episode, the government is reducing the duty on edible oils as well as tightening the rules to control hoarding.
Relief from increasing supply of palm oil
At the same time, Indonesia has recently announced the removal of the export ban on palm oil. Due to the ban on palm oil exports, there was an increase in the prices of edible oils. Now with the lifting of restrictions, once again the possibility of increasing supply may see a softening in prices. The ban had a bad effect on many such countries of the world which are dependent on the import of edible oil. India is also included in this. There was already an increase in the prices of edible oils in India. After Indonesia’s decision, further pressure on the prices increased. Although relief is now expected, at the same time the pressure on other oils used as an alternative to palm oil is also expected to reduce.
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