17.8 C
Dubai
Monday, March 4, 2024
spot_img

India Extends Edible Oils Import Duty Reduction Until March 2025

In a proactive measure to regulate local prices, India has chosen to extend the reduced import tax rates on edible oils until March 2025, as disclosed in a recent government order reported by Reuters on Friday.

Impact on Vegetable Oil Imports

As the largest global importer of vegetable oil, this decision has significant implications for the import duty structure, particularly affecting crude palm oil, crude sunflower oil, and crude soyoil.

Revised Timeline for Refiners: Edible Oils

Originally scheduled to conclude in March 2024, the new order provides refiners with an extended timeline, allowing them to continue importing these vital edible oils at lower duties for an additional year. This move aims to ensure ongoing stability in the market.

Also Read

Meet the Chef in the UAE Who Creates Culinary Delights Without Tasting Them Herself

GCC: IMF Forecasts UAE and Saudi Arabia to Lead Non-Oil GDP Growth

Related Articles

Sharjah’s Powerful $750 Million Sustainable Bond Issuance

Sharjah's Triumphant $750 Million Sustainable Bond Launch The Government of Sharjah has achieved a significant milestone with the successful issuance of a $750 million 12-year...

UAE Achieves a Pioneering Economic Milestone, Thriving Prosperity

UAE Economy Achieves Unprecedented Milestone The United Arab Emirates (UAE) has achieved a significant milestone in its economic diversification journey, marking what officials are calling...

Vitaliy Chiryassov: Aspiring to Streamline the Business Consulting Industry in the UAE 14567

Vitaliy Chiryassov: Aspiring to Streamline the Business Consulting Industry in the UAE In this interview, we're talking with Vitaliy Chiryassov, an entrepreneur who operates multiple...

International Jewellery Summit Sparkles in Dubai , Dazzling Unity

International Jewellery Summit in Dubai, The anticipation and excitement are palpable as the stage is set for the upcoming India Gem & Jewellery Show in...

Emirates Development Bank’s Impact on UAE Industrial GDP: A Catalyst for Economic Growth

Emirates Development Bank Empowers UAE's Industrial Growth with Boost to GDP Contribution Since the launch of its strategy in 2021, Emirates Development Bank (EDB) has...

Latest Articles