To ease domestic pressure, the Center exempted 20 lakh metric tons of annual imports of raw soybean and sunflower oil from tariffs and halted agricultural infrastructure development.
The ministry said in the notification that the exemption, effective May 25, 2022, will be in place for the current fiscal year, as well as the next fiscal year.
To curb soaring rates, the government reduced excise duties on gasoline and diesel on May 20 and canceled import duties on several raw materials used in the steel and plastics industries. In addition, the export duty on iron ore and iron pellets has been increased.
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(Edited by : Anand Singha)