Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,932.90-35.5
Stock Analysis, IPO, Mutual Funds, Bonds & More

Agriculture Minister Radha Mohan Singh calls for hike in import duty on edible oils

Agriculture minister has urged the finance ministry to increase the import duty on both crude and refined edible oils to stem the flow of cheap imports.

, ET Bureau|
Aug 27, 2015, 04.00 AM IST
0Comments
NEW DELHI: Agriculture minister Radha Mohan Singh has urged the finance ministry to increase the import duty on both crude and refined edible oils to stem the flow of cheap imports and protect the interest of domestic farmers. Singh, in a letter to the finance ministry, suggested that the import duty on crude edible oil be increased to 10% from 7.5%, and to 20% from 15% in case of refined edible oil.

The domestic refining industry has been lobbying hard for the increase in duty. “We have sent the proposal to increase import duty on refined and crude edible oil to the revenue department under the finance ministry, looking at farmers’ interest,” said an agriculture ministry official, who did not wish to be identified.

The official said that area under oilseeds — groundnut, soyabean, sesamum, castor and sunflower — had grown to over 17 million hectares and the government expected the acreage to increase by another 1 million hectares till August end. “Global prices are down and with an increase in planting in the domestic market, prices can further fall,” he said.

India depends on imports for as much as 70% of its annual consumption of edible oil of 19.5 million litres. As per the fourth estimate on food production, oilseed production fell 18.5% to 26.68 million tonnes in 2014-15, compared to the previous year.

To support farmers, the government had earlier increased the import duty on refined and crude edible oils to 15% from 10% and 7.5% from 2.5% in December 2014.

Also Read

Agriculture minister Tomar launches app based CHC services

Haryana agriculture minister launches Krishi Kiosk

Onion prices to calm down in next few days: Agriculture Minister Narendra Singh Tomar

Union Agriculture Minister Narendra Singh Tomar takes charge

Centre will cover 10 crore farmers under PM-Kisan by year-end: Agriculture Minister

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service