GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Ram Vilas Paswan meets FM Jaitley; wants import duty on edible oils to be hiked

"The proposal on increasing import duty on edible oils, additional budget for FCI and loan issue under SDF, among others, were on the agenda of the meeting," Paswan said.

http://jyotik

Updated:October 24, 2014, 7:07 PM IST
facebookTwittergoogleskypewhatsapp
Ram Vilas Paswan meets FM Jaitley; wants import duty on edible oils to be hiked
"The proposal on increasing import duty on edible oils, additional budget for FCI and loan issue under SDF, among others, were on the agenda of the meeting," Paswan said.

New Delhi: Food Minister Ram Vilas Paswan on Friday met Finance Minister Arun Jaitley and discussed the issue of raising import duty on crude and refined edible oils to restrict cheap imports and protect domestic farmers, among other matters.

Problems faced by sugar mills in availing of loans sanctioned through the Sugar Development Fund (SDF) and the issue of additional budget allocation for FCI were also discussed.

"The proposal on increasing import duty on edible oils, additional budget for FCI and loan issue under SDF, among others, were on the agenda of the meeting," Paswan said.

The Food Ministry favours increasing the import duty on crude and refined edible oils from existing 2.5 per cent and 10 per cent, respectively, he said. Industry body Solvent Extractors Association (SEA) has been demanding a duty hike in crude edible oils to 10 per cent and on refined edible oils to 25 per cent as local prices have fallen to historical lows due to cheaper imports from Malaysia and Indonesia.

On sugar sector issues, Paswan briefed the Finance Minister about the current impasse between the UP sugar mills and the state government over cane price policy, sources said. Private sugar mills in the state have threatened to suspend operations in the current season beginning this month.

Paswan also discussed about relaxing certain norms so that sugar mills can avail of loans easily from SDF, sources said, adding that he also sought additional budget allocation for state-run Food Corporation of India (FCI) for giving food subsidies this fiscal.

A budget allocation of Rs 92,000 crore has been made against the requirement of Rs 1,47,700 crore for this fiscal.

Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
PNB 116.50 -9.05 -7.21
SBI 268.50 -3.15 -1.16
Tata Steel 648.85 -40.90 -5.93
Vakrangee 232.80 -12.25 -5.00
Fortis Health 146.40 +8.90 +6.47
Company Price Change %Gain
Lakshmi Machine 6,076.00 +215.15 +3.67
Vakrangee 233.20 -12.25 -4.99
RPG Life 473.60 +16.20 +3.54
PNB 116.40 -9.25 -7.36
KEC Intl 376.50 -15.55 -3.97
Top Gainers
Company Price Change %Gain
Bharti Infratel 329.85 +2.30 +0.70
Coal India 305.40 +1.90 +0.63
Reliance 927.00 +5.70 +0.62
Kotak Mahindra 1,056.20 +6.00 +0.57
Axis Bank 540.55 +2.70 +0.50
Company Price Change %Gain
Coal India 305.00 +2.00 +0.66
Infosys 1,130.00 +5.15 +0.46
Kotak Mahindra 1,055.00 +3.25 +0.31
Reliance 925.85 +4.15 +0.45
Axis Bank 540.80 +3.05 +0.57
Top Losers
Company Price Change %Gain
Tata Steel 648.85 -40.90 -5.93
Adani Ports 393.85 -11.60 -2.86
Dr Reddys Labs 2,152.00 -61.55 -2.78
M&M 724.65 -19.10 -2.57
Larsen 1,295.50 -32.90 -2.48
Company Price Change %Gain
Tata Steel 648.25 -40.05 -5.82
Dr Reddys Labs 2,151.85 -60.90 -2.75
Adani Ports 393.40 -11.00 -2.72
Larsen 1,296.75 -31.20 -2.35
M&M 727.10 -16.65 -2.24

Live TV