BusinessBreaking
Telangana seeks 44 percent palm oil duty
The Hindu BusinessLine··30 Sept
Telangana Agriculture Minister Tummala Nageswara Rao asked the Centre to restore the 44 percent import duty on crude palm oil. He wrote to Prime Minister Narendra Modi and Union ministers after crude palm and soybean oil basic duties fell from 10 percent to 5 percent. He said 88,621 farmers grow oil palm on 1.29 lakh hectares in Telangana.
Prism
What It Means For You
- Lower import duties can pressure domestic crude palm oil and fresh fruit bunch prices.
- Farmers who locked land into oil palm cannot easily switch crops, the minister said.
- He framed consumer relief against costs borne by domestic growers.
What's Happening
- Refined soybean and palm oil duties were cut from 32.5 percent to 27.5 percent.
- Union Agriculture Minister Shivraj Singh Chouhan assured a special committee review.
- Telangana plans to expand oil palm by two lakh acres a year toward 10 lakh acres.
State oil palm push
- Officials said 47 lakh saplings were being raised across 45 nurseries.
- About 9.50 lakh saplings were ready for distribution, with 12 lakh more in three months.
- Six oil palm processing mills under construction are meant to absorb rising FFB output.
all-newstop-storiestrending-nowdaily-roundup
