New Delhi.India on Tuesday allowed duty-free imports of 2 million tonnes of crude soybean oil and crude sunflower oil for this year and 2023-24 in a bid to cool edible oil inflation, the Ministry of Finance said in a statement.
The waiver will help lower domestic prices and control inflation.
“This will greatly reduce the burden on consumers,” CBIC tweeted.
India may cut import duties on crude soybean oil and crude sunflower oil as the world’s largest vegetable oil importer seeks to curb food inflation, trade and government officials said earlier.
India has eliminated basic import duties on crude palm oil, crude soybean oil and crude sunflower oil, but continues to levy an Agricultural Infrastructure and Development Tax (AIDC) of 5% on these three edible oils.