India grants tariff exemptions for corn and vegetable oil import quotas

Published 2024년 6월 26일

Tridge summary

India has approved limited imports of corn, crude sunflower oil, refined rapeseed oil, and milk powder in an effort to combat food inflation, which has been steady at around 8% since November 2023. The imports will be conducted under the tariff rate quota (TRQ), which could result in lower duties or higher tariffs. The government has authorized cooperatives and state-owned companies to import 150,000 metric tonnes of sunflower or safflower oil, 500,000 tonnes of maize, 10,000 tonnes of milk powder, and 150,000 tonnes of refined rapeseed oil. India is the world's largest producer of milk but has seen price increases due to strong demand, and it satisfies two-thirds of its vegetable oil needs through imports.

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Original content

By Rajendra Jadhav MUMBAI (Reuters) - India on Wednesday allowed limited imports of corn, crude sunflower oil, refined rapeseed oil and milk powder under the tariff rate quota (TRQ), under which importers are exempt from duties or pay higher tariffs. lows, as New Delhi tries to reduce food inflation. India is the world's largest importer of vegetable oils such as palm oil, soybean oil and sunflower oil, and the largest producer of milk. India has allowed the import of 150,000 metric tonnes of sunflower oil or safflower oil, 500,000 tonnes of maize, 10,000 tonnes of milk powder and 150,000 tonnes of refined rapeseed oil, the government said. Food inflation, driven by supply-side factors such as adverse weather affecting crops, has remained at around 8% per year since November 2023, preventing interest rates from being cut. The government has selected cooperatives and state-owned companies such as the National Dairy Development Board (NDDB), the National Cooperative Dairy Federation ...

Source: NoticiasAgricolas