The recent hike in customs duty on crude palm and refined sunflower oil by the government is set to benefit farmers significantly, increasing their income, according to a senior official. The decision to remove minimum export price and reduce export duty on onion will also aid farmers across the country.
With the basic customs duty on various oils being raised, the effective duty will see a substantial increase, providing crucial support to soya and oilseed farmers, particularly in Maharashtra and Madhya Pradesh, major oilseed-producing states. These measures, aimed at stabilizing domestic edible oil prices, showcase the government’s strategic management approach.
Furthermore, the removal of minimum export price on onions and the reduction in export duty will further boost exports, enabling farmers to capitalize on increased production. Commerce and Industry Minister Piyush Goyal highlighted the positive impact of these decisions on farmers’ income and overall business in the agricultural sector.
Overall, these policy changes reflect the government’s efforts to support farmers and exporters while fostering growth in the agricultural industry.
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