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India slashes import tax on crude palm oil from 37.5% to 27.5%

India is the world's biggest importer of palm oil. It imports around 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia

twitter-logoReuters | November 26, 2020 | Updated 18:47 IST
India slashes import tax on crude palm oil from 37.5% to 27.5%
India imports around 9 million tonnes of palm oil annually

India on Thursday slashed import tax on crude palm oil to 27.5% from 37.5%, the government said in a statement, as New Delhi tries to bring down rising food prices.

India is the world's biggest importer of palm oil. It imports around 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

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