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India has 60-65% import dependency in edible oils as there is huge demand supply gap in domestic market.
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India imports over 14 million tonnes of vegetable oils annually to meet domestic demand.
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Thus, international trade in edible oils generates huge import bill to be paid every year.
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The import bill for edible oil is around $10 billion which is India’s third-highest overseas spending after oil and gold.
Recent Steps taken:
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In March 2018, Central Government had raised import duty on crude palm oils from 30% to 44%, while that on refined palm oils to 54% from 40%.
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The Central Board of Indirect Taxes and Customs (CBITC) under Finance Ministry has raised import duty by 5-10% on non-palm edible oils, both crude and refined ones, in order to protect interest of domestic oilseeds growers and processors.
Major Imports:
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Palm Oil
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Sunflower Oil
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Groundnut Oil
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Canola Oil
