What impact will an increase in import duty on edible oil have on farmers
Discuss how the increase in import duty on edible oil can benefit farmers in India.
An increase in import duty on edible oil can have both positive and negative impacts on farmers in India. Here's how it can benefit farmers:
- Increased demand for domestically produced edible oil due to higher import duty.
- Boost in domestic edible oil production, leading to higher prices for farmers selling their produce.
- Reduced dependency on imported edible oil, enhancing self-sufficiency in oilseed production.
- Promotion of agro-based industries and infrastructure development in the oilseed sector.
- Encouragement for farmers to invest in oilseed cultivation, thereby increasing agricultural income.
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7 months ago