India fights inflation with import duty relief
Babu Ghanta
Apr. 1, 2008

Hyperinflation in India is real. The prices of essential commodities have spiked, The consequent pressure on wage inflation is also very high.

India has decided to scrap import duties on all crude edible oil forms, while cutting duties on refined palm, sunflower, soybean, coconut oils and hydrogenated vegetable fats to 7.5 per cent.

The worldwide commodity inflation is creating a massive inflation for India. India cannot tolerate a $100 crude oil price.

The current tariff values of soybean and palm oil will prevail until further notice. The import duty on butter and ghee has been cut to 30 per cent from 40 per cent. Import duties on maize have been abolished, from the current 15 per cent for 500,000 metric tones under the tariff rate quota.

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