Increase import
duty on edible oils from 40 to100%
As the cheap edible
oil imports had badly hit the domestic trade hence a. leading industry urged the Union
govt. to raise the import duty on refined edible oils to 100% from 27.5.
Under its commitments
to the World Trade Organization ,the Central Organization for Oil Industry and Trade
(COOLIT) expressed that India is bound to limit its import duties on edible oils to a
maximum of 100 %
.COOLIT expressed
fears that oilseeds farmers might switch to other crops as prices of edible oils are down
by 25 to 30 % as compared to average price in the last nine years.
The Govt. in December
raised the import duty on refined edible oils to 27.5 % from 16.5 %, but industry
officials said that was not enough to stem surging imports. Consumer affairs and public
distribution ministry officials have said that the govt. is reviewing the current duty
structure on edible oils.
the country imported
1.57 m tonnes of edible oil in the first five months of the ‘99-00 (Nov-Oct) season,
compared with 1.15m tonnes in the year ago period as reported by the Solvent Extractors
Association of India. |