India Waives Import Duty on Key Oils to Support Farmers and Control Prices

In a move aimed at stabilizing domestic markets and supporting the agricultural sector, the Indian government has announced a temporary waiver of basic customs duty and agriculture infrastructure and development cess on imports of crude soya bean oil and sunflower seed oil. This policy, effective from 11 May to 30 June 2023, applies to importers holding a Tariff Rate Quota (TRQ) license for the fiscal year 2022-23.

The TRQ system, which permits a specified volume of imports at reduced or zero duty, was initially set for a 2 million-tonne allocation for both the 2022-23 and 2023-24 fiscal years. However, due to increased domestic production and a global decrease in prices, the government has decided to withdraw the TRQ allocation for the 2023-24 fiscal year, focusing instead on utilizing and supporting domestic production.