Edible oil to get cheaper as India allows duty-free imports | Relief for Indians

In a bid to cool down food inflation, the centre has now announced a bold move. After restricting sugar exports from June 1, the Modi government has now allowed duty-free imports of soybean and sunflower oil. As per reports, this will reduce edible oil prices in India in the range of ₹3-5. The finance ministry allowed duty-free imports of 2 million tonnes a year for crude soybean oil and crude sunflower oil. The relief on edible oil comes into force from today and will be effective until March 2024. The announcement comes in the wake of a surge in edible oil prices in India. India is one of the world’s largest vegetable oil importers and relies on imports for 60% of its needs. Watch this video for more details.