Government's Customs Duty Hike to Boost Farmers' Income

The government has increased customs duty on crude palm oil and refined sunflower oil, benefiting farmers by raising their income. Export duties on onions were also reduced. Key states like Maharashtra and Madhya Pradesh will see significant advantages from these measures, further aiding soya and oilseed farmers.

The government's decision to hike customs duty on crude palm and refined sunflower oil to 20 per cent and 32.5 per cent, respectively, is set to hugely benefit farmers by increasing their income, a senior official said on Saturday.

Additionally, the removal of the minimum export price (MEP) and the reduction of export duty on onions is poised to support farmers across the country, according to the official.

In a notification from the finance ministry, it was detailed that the basic customs duty on crude palm, soybean, and sunflower seed oils has risen from zero to 20 per cent. Similarly, refined palm, soybean, and sunflower oil duty climbed from 12.5 per cent to 32.5 per cent.

(With inputs from agencies.)