India sharply raises import tax on edible oils to support farmers
MUMBAI - India has raised the basic import tax on crude and refined edible oils by 20 percentage points, the government said on Friday, as the world's biggest edible oil importer tries to help protect farmers reeling from lower oilseed prices.
New Delhi on Friday imposed a 20% basic customs duty on crude palm oil, crude soyoil and crude sunflower oil from Sept. 14, the notification said. Reuters reported in late August that India was considering an increase in import taxes on vegetable oils to help soybean growers ahead of regional elections due in Maharashtra later this year.
Wall Street's main indexes closed higher on Friday as investors increased their bets on a bigger interest rate cut from the Federal Reserve at its policy meeting next week.
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