Indian government increases import duty on edible oil

Indian government has increased the import duty of crude and refined edible oils upto 10%. The move has been made to protect domestic edible oil industry and farmers who are facing pressure from increasing imports. Currently, more than 70% of domestic consumption is met by imports. Now, the government has increased import duty on crude and refined soy oil, sunflower oil and canola oil from 35 to 45 percent. It has also increased import duty on crude – soyabean oil, canola oil and sunflower oil from 25% to 35%. This move may signal Indian farmers to consider oil seeds as more have turned away after cheaper imports