NITI Aayog also recommends increase in import duty on edible oils

29-Aug-2024 03:30 PM

New Delhi. After the Central Agriculture Ministry suggested to increase the import duty on edible oils and the Food Ministry did not raise any objection to it, now NITI Aayog has also supported the suggestion of the Agriculture Ministry.

According to NITI Aayog, at present 55-60 percent of the demand and need of edible oils in the country is met through imports from abroad.

The dependence on import of edible oils has increased a lot, which is a serious threat to the stability of national food security and economy.

Along with increasing the import duty on edible oils, NITI Aayog has also suggested to keep a huge difference in the duty between crude and refined oils.

The Central Government has set a target of achieving self-sufficiency in oilseed oil and in this regard the Commission was asked to submit its report. The Commission has also suggested many other measures to achieve this goal.

The Commission's report emphasizes on making the duty structure flexible so that necessary amendments and changes can be made from time to time in accordance with the global situation.

The Commission says that it is necessary to establish a better balance between the demand and supply of edible oils in the domestic sector and to ensure the return of minimum support price to the oilseed producers.

The structure of import duty on edible oils should be such that it encourages indigenous production and does not put a heavy financial burden on the common consumers.

Along with this, it is also necessary to protect the interests of domestic processing-refining units and hence there is a need to continue regular import of crude edible oils.

There should be a significant increase in import duty on refined edible oils.