Maharashtra CM Devendra Fadnavis asks Centre to increase import duty on oil seeds
Mumbai city news: The market rate of soyabean has fallen to Rs2,700 from Rs2,900 a quintal against the minimum support price of Rs 3,050 a quintalmumbai Updated: Jul 13, 2017 23:10 IST
Chief minister Devendra Fadnavis has urged the central government to increase the import duty on oilseeds to contain the falling prices of soyabean in the state.
The market rate of soyabean has fallen to Rs2,700 from Rs2,900 a quintal against the minimum support price of Rs 3,050 a quintal.
The market rate for the soyabean ranged between Rs3,450 and Rs3,800 a quintal for the past three years.
In a letter to Union minister of state for commerce and industries (independent charge) Nirmala Sitharaman, Fadnavis has asked to increase the import duty up to 50% from the existing duty of up to 12% to stop the prices from falling.
“The rise in import duty will help increase the market rate for soyabean and also lead to a rise in the excise revenue of the state government by about Rs8,000 crore,” he has said in the letter.