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Centre extends import duty relief on lentils by one year
The move comes after official data showed that India's food inflation surged to 8.7% in November, a jump from 6.61% in October. The inflation rate on pulses soared 20% in November The Centre, battling high food inflation, has extended the exemption given to masur dal, a lentil, from agriculture and infrastructure development cess when imported into India, by one year, as per an order from the Central Board of Indirect Taxes and Customs (CBIC). This exemption, effective since October 2021, will now last until 31 March 2025. The concessional rate of the cess in the case of crude soyabean oil, crude palm oil and crude sunflower seed oil will remain unchanged till 31 March 2024, as per the order. Crude soyabean oil and crude sunflower seed oil attract a concessional 5% cess when imported, while crude palm oil attracts a concessional 7.5% cess. The government has alleviated basic customs duty on these commodities. India's food inflation surged to 8.7% in November, a jump from 6.61% in October. The inflation rate on pulses soared 20% in November, according to data available from the statistics ministry. High food inflation has been a key concern for the government, especially as the country goes to polls next year. The Centre has already extended its free grain distribution programme, PM Garib Kalyan Anna Yojana, by five years to 2028, providing 5 kg of grains monthly to impoverished households. Additionally, it has taken various administrative steps to stabilize the prices of essential items like sugar, rice, pulses, vegetables, and edible oils. Industry bodies have been urged to ensure that domestic prices of non-basmati rice are brought down to optimal levels and to strictly address any profiteering activities. The pressure on food prices is expected to persist due to this year's erratic monsoon, which has already affected farm sector growth. In the September quarter, agriculture and allied activities grew by only 1.2%, a decrease from the 2.5% growth recorded in the same period last year. Source - Mint
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