Everything you need to know
Nagpur: The central government has waived customs duties and agricultural infrastructure development levies on the import of soybean oil and crude sunflower oil for a total of 20 lakh metric tonnes (MT) per year.
According to a notification issued by the Finance Ministry on Tuesday, duty-free imports will be available for two fiscal years 2022-23 and 2023-24.
Let us now discuss the prices.
A total of 80 lakh MT of crude soybean oil and crude sunflower oil could be imported duty-free until March 31, 2024.
This new policy will aid in the cooling of domestic prices and the control of inflation. The Central Board of Indirect Taxes and Customs (CBIC) tweeted, “This will provide significant relief to consumers.”
A cycle of inflation and price increases has had a global impact
To combat inflation, the government reduced excise duty on gasoline and diesel and eliminated import duties on several raw materials used in the steel and plastic industries.
We all saw price increases in everything from gasoline to vegetables and cooking oil, which pushed WPI or wholesale price inflation to a record high of 15.08 percent in April and retail inflation to 7.79 percent.
The Reserve Bank of India raised interest rates by 40 basis points to 4.40 percent earlier this month in response to the high inflation graph.
