Edible Oil Imports

 

  • India has 60-65% import dependency in edible oils as there is huge demand supply gap in domestic market.
  • India imports over 14 million tonnes of vegetable oils annually to meet domestic demand.
  • Thus, international trade in edible oils generates huge import bill to be paid every year.
  • The import bill for edible oil is around $10 billion which is India’s third-highest overseas spending after oil and gold.
Recent Steps taken:
  • In March 2018, Central Government had raised import duty on crude palm oils from 30% to 44%, while that on refined palm oils to 54% from 40%.
  • The Central Board of Indirect Taxes and Customs (CBITC) under Finance Ministry has raised import duty by 5-10% on non-palm edible oils, both crude and refined ones, in order to protect interest of domestic oilseeds growers and processors.
Major Imports:
  • Palm Oil
  • Sunflower Oil
  • Groundnut Oil
  • Canola Oil

 

ias4sure.com - Edible Oil Imports