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
June 02, 2021
The South-West monsoon is crucial for agricultural production in the country since the Kharif season output depends on it
The South-West monsoon is crucial for agricultural production in the country since the Kharif season output depends on it×
Pandemic spread in rural areas, shortage of labour, seeds quality are major issues
While the India Meteorological Department (IMD) has forecast a normal monsoon this year, the ongoing lockdowns in various States have left the farming community worried.
In particular, the spread of the pandemic in rural areas is causing concern, but whether it will impact Kharif sowing will be known as the season, which began on Tuesday, evolves over the next few weeks.
updated: Jun 01 2021, 16:57 ist
The price of several edible oils sold in India has increased by up to 70 per cent in the last year.
According to data released by the Consumer Affairs Ministry, the price of groundnut oil has gone up by up to 61 per cent, while mustard oil is nearly 70 per cent costlier in 2021. As a consequence of this, the common man s budget is taking a hit. But why are edible oils getting costlier?
The increasing demand for edible oil coupled with relatively lower domestic production are some of the key reasons for the rise.
As per a report by the
India’s palm oil imports from Thailand in May have increased by almost ten times from a month before as Thai-origin palm oil has become more price-competitive than Indonesian and Malaysian supplies, although by a slim margin. More than 90,000 mt of Thai palm oil arrived in India by May 21, a market source told S&P .