India plans extra tax on vegetable oil imports to boost domestic output


Date & Time: 2019-08-28 05:48:11

India is the world's biggest importer of vegetable oils, buying nearly $10 billion worth a year, its biggest import after crude oil and gold.  The country's consumption of vegetable oils - including palm oil and soyoil - has trebled over the last 20 years as the population grew and incomes rose, while output has increased by less than a third, Now, the government plans to create an oilseed fund by imposing the 5% surcharge, or cess, that will be used to help Indian farmers step up oilseed production