A government source today (28th December) said that India is likely to cut short the import tax on palm oil, corresponding to New Delhi’s Trade Agreements with the Southeast Asian nations.
It must be noted that India imports palm oil from two countries i.e. Malaysia and Indonesia.
Earlier in 2018, India being the leading buyer of vegetable oils in the world had increased the import tax on crude palm oil from 30 % to 44 % while hiking the tax on refined palm oil to 54 % that was earlier 40 %.
More details about this news will come soon.
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First published on: 29 Dec 2018, 11:23 IST
