Edible oil imports seen surging 65%: High global prices inflate import bill, over a third goes to govt as taxes
After crude petroleum and coal, edible oils are threatening to strain India’s current account, with imports of these items seen surging 65% on year to $17 billion in the 2020-21 ‘oil year’ (November-October) due to a spike in global prices. The government doesn’t appear to worry much though; it is striking it rich through high import taxes on edible oils by appropriating more than a third of the import value.
