Govt Cuts Export Price Restrictions To Support Farmer Incomes: Amit Shah
Date
9/14/2024 2:51:42 PM
(MENAFN- KNN India)
New Delhi, Sep 14 (KNN)
The Indian government, led by Prime Minister Narendra Modi, has announced a series of policy changes aimed at increasing agricultural exports and potentially improving farmers' incomes.
Union Home Minister Amit Shah detailed these measures in a statement on Saturday.
The government has made several key decisions in the agricultural sector.
These include the removal of the minimum export price (MEP) for onions and Basmati rice, a reduction of the export duty on onions from 40 per cent to 20 per cent, and an increase in import duties on crude and refined vegetable oils.
According to Shah, the removal of the MEP on onions and the reduction in export duty are expected to facilitate increased onion exports.
This move is intended to benefit onion farmers by potentially raising their income.
Similarly, the abolition of the MEP on Basmati rice is designed to allow producers of this specialty grain to potentially increase their profits through exports.
In a separate but related measure, the government has raised import duties on crude palm, soya, and sunflower oils from 12.5 per cent to 32.5 per cent, and on their refined variants from 13.75 per cent to 35.75 per cent.
Shah stated that this decision is aimed at supporting domestic soybean farmers by potentially improving the prices they receive for their crop.
These policy adjustments reflect the government's stated goal of ensuring fair prices for agricultural products and maximising potential returns for farmers.
The long-term impact of these changes on farmer incomes and the agricultural sector remains to be seen.
(KNN Bureau)
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