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 quintal

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.

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. (HT)

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.