India has been importing Myanmar maize with zero tariffs. The import volume is estimated at 500,000 tonnes.
To reduce commodity prices in India, India will give a go-ahead to imports of sunflower oil and buckwheat oil and powder under the Tariff Rate Quota (TRQ) system beyond maize. Importers will enjoy a low or zero rate of duty. India’s government permits imports of 500,000 tonnes of maize, 150,000 tonnes of sunflower oil, 150,000 tonnes of buckwheat oil and 10,000 tonnes of milk powder, The Economic Times stated.
India imports two-thirds of vegetable oil from foreign countries to meet domestic demand. India brings in palm oil from Indonesia and Malaysia, sunflower oil and soybean oil from Russia, Ukraine, Argentina, and Brazil, and maize from Myanmar at a zero tariff rate. India is the world’s largest importer of palm oil, soybean oil, and vegetable oil, and it is the world’s largest producer of milk. Crops were damaged due to erratic weather, hindering the supply chain. Food demand has increased by eight per cent from November 2023. Consequently, the Economic Times mentioned that the government’s plan to cut commodity prices was not achieved.
State-owned agencies, such as the National Dairy Development Board, the National Cooperative Dairy Federation of India, and the National Agricultural Cooperative Management Federation (NAFED), are allowed to import oil. — NN/KK
