What are the benefits of increasing import duty on edible oil
How does the decision to increase import duty on edible oil by the government benefit farmers in India?
- Protects domestic farmers: Increasing import duty on edible oil helps protect the interests of local farmers by creating a level playing field and reducing competition from cheaper imports.
- Boosts domestic production: Higher import duties encourage farmers to produce more edible oil locally, thus promoting self-sufficiency and reducing reliance on imports.
- Increases income for farmers: With reduced competition from imports, farmers can sell their produce at a higher price, leading to increased income and improved livelihoods.
- Promotes agricultural growth: The decision to increase import duty on edible oil supports the agricultural sector, contributing to overall economic growth and rural development in India.
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9 months ago