India is considering reducing import taxes on edible oils after cooking oil prices hit record highs last month, two government and two industry officials told Reuters, to reduce food costs in the world's biggest vegetable oil importer. While no decision has been made, the tax reduction could lower local prices and boost consumption, giving support to Malaysian palm oil, along with soy and sunflower oil prices, and dampening prices of local oilseeds such as rapeseed, soybean and groundnut. "A proposal to lower the import duty on edible oils is under review," a government official with knowledge of the matter who asked to remain unidentified said on Wednesday.
Read more about Govt considering edible oil import tax cut to lower prices, says report on Business Standard. The government will make a final decision to cut the taxes sometime this month
(Updates to add graphic)By Rajendra Jadhav and Mayank BhardwajMUMBAI/NEW DELHI, June 3 (Reuters) - India is considering reducing import taxes on edible oils after cooking oil prices hit record highs last month, two government and two industry officials told Reuters, to reduce food costs in the world's biggest vegetable oil importer.While no decision has been made, the tax
NEW DELHI, June 1 (Reuters) - India is likely to receive 101% rainfall of a long-term average this year, the weather office said, upgrading its previous forecast and raising expectations for higher farm output in the country, which is reeling from a second COVID-19 wave.The monsoon is expected to be well distributed, and most parts of the country are expected to receive an
(Adds details)By Rajendra Jadhav and Mayank BhardwajNEW DELHI, June 1 (Reuters) - India is likely to receive normal monsoon rains this year, weather officials said on Tuesday, upgrading a prior forecast and boosting expectations for larger farm output amid a devastating second wave of COVID-19 infections.The monsoon, which is expected to hit the southern coast around Thursday,