Import Duty on Edible Oils Will Enhance Prices for Farmers, Union Minister Shivraj Singh Chouhan States

The Union Agriculture Minister, Shivraj Singh Chouhan, announced a 20% import duty on edible oils. This move aims to benefit domestic farmers by ensuring better prices for their oilseed crops. With the inclusion of cess, the total import duty will rise to 27.5%. Chouhan highlighted this decision as crucial for supporting farmers, particularly those growing soybeans.

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Previously, India imported edible oils without any import duty due to insufficient domestic production. This led to cheaper imports and a decline in soybean prices. The new policy imposes a 20% duty on all edible oils, including soybean oil, with an additional cess bringing it to 27.5%. Chouhan shared these details during his visit to Vidisha for the Ganesh festival.

Impact on Farmers and Market

The government has also increased the import duty on refined oils. This change is part of broader efforts to ensure farmers receive fair prices for their produce. Chouhan mentioned that these measures would help stabilize prices for crops like soybean, cotton, and onion.

In addition to changes in import duties, the government has reduced the export duty on onions from 40% to 20%. The export duty on Basmati rice has been abolished entirely. These adjustments aim to support farmers by improving their market competitiveness.

Support for Soybean Farmers

Chouhan confirmed that his ministry approved Madhya Pradesh's proposal to purchase soybeans at the Minimum Support Price (MSP). This decision is expected to provide further financial security to soybean farmers in the region.

Later in the day, Chouhan participated in the Ganesh idol immersion ceremony in Bhopal with his family. His visit underscored his commitment to both cultural traditions and agricultural reforms.

The government's recent policy changes reflect a strategic approach to bolster domestic agriculture. By adjusting import and export duties, they aim to create a more favourable environment for Indian farmers. These steps are expected to enhance the economic well-being of those involved in agriculture across the country.