Government has announced the import duty cuts on wheat, edible oil and potato.
The government lowered the import duty on crude palm oil from 12.5 per cent to 7.5 per cent and on refined oil from 20 per cent to 10 per cent.
The government also lowered the import duty on wheat to 10 per cent from 25 per cent. India’s estimated harvest in 2015-16 is 93.50 million tonnes, 7 million tonnes more than in the previous year.
The government also lowered the import duty on potato from 30 per cent to 10 per cent because its price had spiked in the last few weeks. Potato output has declined 9 per cent to 43.7 million tonnes in the 2015-16 crop year (July-June).
