Govt notifies duty-free import of crude soyabean, sunflower oil to curb rising prices
ADVERTISEMENT
After excise duty cuts on petrol and diesel, the Centre has allowed import of crude soyabean oil and crude sunflower oil at nil rate of customs duty for two years. Agriculture infrastructure and development cess on the products too has been reduced to nil to curb the rising edible oil prices, which are fanning the food inflation.
As per a finance ministry notification, the import of 20 lakh MT each of crude soyabean oil and crude sunflower per year will remain duty free.
On May 21, in a slew of measures to control the rising inflation in the economy, the government announced reduction in the central excise duty on petrol and diesel and subsidy of ₹200 on LPG gas cylinder. The excise duty cut on petrol and diesel and subsidy outgo on LPG cylinders will cost over ₹1 lakh crore to the central government.
July 2025
In the world’s youngest nation—where over 65% of the population is under 35—India’s future is already being shaped by those bold enough to lead it. From boardrooms to breakout ideas, a new generation of business leaders is rewriting the rules. This year's Fortune India’s 40 Under 40 celebrates these changemakers—icons in the making like Akash Ambani, Kaviya Kalanithi Maran, Shashwat Goenka, Parth Jindal, Aman Mehta, and Devansh Jain—who are not just carrying forward legacies but boldly reimagining them for a new era. Alongside them are first-generation disruptors like Sagar Daryani, scaling Wow! Momo with a vision to take ₹100 momos to 5,000 cities, and Palak Shah, turning the Banarasi weave into a global fashion story with Ekaya Banaras. These are the entrepreneurs turning ambition into scale. And even beyond traditional industry, the entrepreneurial wave is pulling in creative forces—Ranveer Singh, for instance, is shaking up wellness and nutrition with Bold Care and SuperYou, proving that passion, backed by purpose, is the new blueprint for building brands.
India’s retail inflation rate in April soared to an eight-year high at 7.79% over 4.23% in the same month of the previous year, fuelled by the high prices of vegetables and oils. Also, food inflation rate in April soared to 8.38% compared with 1.96% in the same month of the previous financial year.
It may be noted that the inflation rate in oils and fat in April zoomed to 17.28% on account of high edible oils in April 22 vs April last year, while vegetable prices have gone up by 15.41%. The Russian invasion on Ukraine has stoked a price spiral in the edible oil due to supply disruption as Ukraine has been a major supplier of sunflower oil.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.