The ongoing Russia-Ukraine crises has led to a spike in crude oil prices and will affect India after the election in five states.
About 60% of the imported edible oil is palm oil. Because India is a big consumer of palm oil.
While government is prompt in giving up revenues to rein in price rise in edible oils, its response to runaway cost of automobile fuels is different.
The government slashing the import duties on edible oil could bring down the retail prices by Rs 4-5 per litre
The California based company has also started recruiting senior executives to prepare the ground for a possible launch
The company's demand for a reduction in import duty are being considered by stakeholder ministries.
In 2005-06, exports were at Rs 0.23 lakh crore, and now they stand at Rs 5.53 lakh crore in 2020-21 despite the pandemic
Last year the government had re-imposed 5 per cent customs duty on the import of open cells for TVs from October 1, 2020