Centre Raises Import Duty on Edible Oils

16 Sep 2024

Recently, the Centre has increased import duties on edible oils.

Background

  • The decision comes at a time when prices of soybean, the leading source of edible oils, are reported below the MSP. 
  • Government Action on Soybean: The government permitted soybean procurement at MSP in Maharashtra, Madhya Pradesh, Karnataka, and Telangana.

Increased Import Duties on Edible Oils

  • New Duty Rates: The Ministry of Finance has raised the import duty on edible oils from 0% to 20%, with a total effective duty of 27.5%.
  • Reason for Change: This move aims to support domestic oil producers and increase rural employment.

Enroll now for UPSC Online Course

What are Edible Oils?

  • Edible oils are mainly vegetable oils that are subjected to several refining processes (such as neutralisation, bleaching and deodorisation) to remove undesirable constituents.
  • Production: India produces about 42% of its domestic edible oil consumption requirement.
    • Other Oils Production: Mustard (40%), soybean (24%) and groundnut (7%) 
  • Imports: India is the world’s second-largest consumer and number one vegetable oil import (70%)
    • Palm oil Imports from: Indonesia, Malaysia and Thailand
    • soyoil and sunflower oil Imports from: Argentina, Brazil, Russia and Ukraine.
Must Read
UPSC Daily Editorials UPSC Daily Current Affairs
Check Out UPSC NCERT Textbooks From PW Store Check Out UPSC Modules From PW Store 
Check Out Previous Years Papers From PW Store UPSC Test Series 2024
Daily Current Affairs Quiz Daily Main Answer Writing
Check Out UPSC CSE Books From PW Store

 

Archive Calendar

Mon Tue Wed Thu Fri Sat Sun
 123
45678910
11121314151617
18192021222324
25262728293031

Need help preparing for UPSC or State PSCs?

Connect with our experts to get free counselling & start preparing

Know about Physics Wallah

Physics Wallah is an Indian online education platform, that provides accessible & comprehensive learning experiences to students of classes 6 to 12 and those preparing for JEE and NEET exams. We also provide extensive NCERT solutions, sample papers, NEET, JEE Mains, BITSAT previous year papers, which makes us a one-stop solution for all resources. Physics Wallah also caters to over 3.5 million registered students and over 78 lakh+ Youtube subscribers with 4.8 rating on its app.

We Stand Out because

We successfully provide students with intensive courses by India's qualified & experienced faculties. PW strives to make the learning experience comprehensive and accessible for students of all sections of society. We believe in empowering every single student who couldn't dream of a good career in engineering and medical field earlier.

Our Key Focus Areas

Physics Wallah’s main focus is to create accessible learning experiences for students all over India. With courses like Lakshya, Udaan, Arjuna & many others, we have been able to provide a ready solution for lakhs of aspirants. From providing Chemistry, Maths, Physics formulae to giving e-books of eminent authors, PW aims to provide reliable solutions for student prep.

What Makes Us Different

Physics Wallah strives to develop a comprehensive pedagogical structure for students, where they get a state-of-the-art learning experience with study material and resources. Apart from catering students preparing for JEE Mains and NEET, PW also provides study material for each state board like Uttar Pradesh, Bihar, and others.

Aiming for UPSC?

Download Our App

# #
Quick Revise Now !
AVAILABLE FOR DOWNLOAD SOON
UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format
Integration of PYQ within the booklet
Designed as per recent trends of Prelims questions
हिंदी में भी उपलब्ध
Quick Revise Now !
UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format
Integration of PYQ within the booklet
Designed as per recent trends of Prelims questions
हिंदी में भी उपलब्ध

<div class="new-fform">






    </div>

    Subscribe our Newsletter
    Sign up now for our exclusive newsletter and be the first to know about our latest Initiatives, Quality Content, and much more.
    *Promise! We won't spam you.
    Yes! I want to Subscribe.