Centre Increases Import Duties on Edible Oils

On 13th September, 2024, the Centre raised import duties on edible oils while removing export restrictions on onions and Basmati rice, aiming to boost rural income and employment.

Key Points

Government Policy Benefiting Farmers: PM praised recent agricultural decisions, including lifting export curbs on onions and Basmati rice, stating these measures will boost farmers' incomes and create more rural employment opportunities.
Increased Import Duty on Edible Oils: Union Minister of Agriculture announced an increase in import duty on edible oils from 0% to 20%, with the total effective duty coming to 27.5% when additional components are included.
Soybean Procurement at MSP: The government's decision to allow soybean procurement at MSP in Maharashtra, Madhya Pradesh, Karnataka, and Telangana comes as soybean prices fall below the MSP.
Export Curbs Lifted on Onions and Basmati Rice: The Centre removed the $550 per metric tonne minimum export price for onions and reduced the export duty from 40% to 20%. The $950 MEP requirement for Basmati rice exports was also lifted.