India Increases Export Duty on Edible Oils

New Delhi- Union Home Minister and Minister of Cooperation, Amit Shah, announced that the government, under the leadership of Prime Minister Narendra Modi, is prioritizing the welfare of farmers by boosting exports to ensure they receive fair prices for their crops. By enhancing export opportunities, farmers will be able to maximize the value of their produce, leading to increased income.

Shri Shah highlighted three key decisions taken by the Modi government to support farmers. Firstly, the removal of the Minimum Export Price (MEP) on onions and the reduction of export duty from 40% to 20% is expected to significantly increase onion exports, benefiting onion-producing farmers with higher earnings. Secondly, the government has also removed the MEP on Basmati rice, allowing Basmati rice farmers to export their produce and secure better profits.

Additionally, to protect Indian farmers, the Modi government has raised import duties on crude palm, soyabean, and sunflower oils from 12.5% to 32.5%, and on refined oils from 13.75% to 35.75%. This move will ensure that Indian soybean farmers get better prices for their crops, ultimately boosting their income and improving their livelihoods.