The govt has exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean oil and crude sunflower oil each, to ease domestic prices
The duty-free import of 2 mn MT per year will be applicable for two FYs (2022-23, 2023-24) for crude soyabean oil and crude sunflower oil, the Finance Ministry said in a notification
Gujarat Ambuja Exports hit a new high of Rs 329.55, on rallying 10% on the BSE in Wednesday's intra-day trade, and has surged 29% in the past four trading days.
Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year on higher sowing area and likely improvement in productivity, according to industry body SOPA.
Expressing concern over rise in animal feed prices in domestic market, All India Poultry Breeders Association demanded govt to reduce import duty on soybean meal to zero for at least five months
According to Soybean Processors Association, this year, Soybean production is expected to be lower at 69.29 lakh tonnes than earlier estimate of 74 lakh tonnes