New Delhi: The central government has decided to increase the import duty on edible oils after allowing the storage of soybeans at a reduced Minimum Support Price (MSP) for a few days. The Ministry of Finance issued a notification on Friday regarding this change. Prime Minister Narendra Modi supported recent agricultural policy decisions, including the removal of export restrictions on onions and basmati rice. He stated that these measures would greatly benefit farmers, increase their income, and create more employment opportunities in rural areas.
According to a statement by Central Agriculture Minister Shivraj Singh Chouhan, the government has decided to raise the import duty on edible oils to 20%. Including other factors, the total effective duty will be 27.5%, Chouhan added.
The decision comes in response to reports that the price of soybeans, a major source of edible oil, has fallen below the MSP. Last week, the government permitted the storage of soybeans at MSP rates in four states: Maharashtra, Madhya Pradesh, Karnataka, and Telangana. Maharashtra is the second-largest soybean-producing state in the country.
