India scraps 2023/24 duty-free import quota on sunflower oil.
India has decided to scrap a duty-free imports quota of 2 million tonnes of crude sunflower oil for the next fiscal starting from April 1, the government said on Wednesday, as the world’s biggest importer of vegetable oils tries to support local oilseed farmers.
The move could lead to higher imports of palm oil, which was earlier attracting taxes even as imports of sunflower oil and soyoil were allowed without any taxes under the quota.
New Delhi in May 2022 allowed duty free imports of 2 million tonnes of sunflower oil in 2022/23 and had initially planned to repeat that in 2023/24.
India sources sunflower oil from Russia and Ukraine.
In January, India decided to scrap duty free imports of crude soyoil for the new fiscal year.
India imports soyoil mainly from Argentina, Brazil and the United States.
‘Crude palm oil imports would become attractive from April onwards,’ said a Mumbai-based dealer with a global trade house.
India imports palm oil mainly from Indonesia, Malaysia and Thailand.
This article has been republished from The Economic Times.