Inflation hits before festivals…. Prices of onion, rice and cooking oil will increase due to government's decision!

Inflation hits before Festivals: Just before the festive season, the central government has taken a big decision regarding onion, basmati rice and refined oil. In which the basic custom duty rate of cooking oil has now been increased to 32.5 percent, while the export duty on onion has been reduced from 40% to 20% and it has been decided to remove the minimum export duty from basmati rice. The government has said that these decisions have been taken keeping in mind the interests of the farmers. However, these decisions are also going to have a direct impact on the pocket of the common man.
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Actually, these decisions of the central government will benefit the farmers, but the prices of these things can also increase. Which means that people may have to spend more money in the festive season starting after a few days. If we look at the decisions of the government, the rate of basic custom duty on refined sunflower seed oil, refined palm oil and refined soybean oil has now been increased to 32.5 percent. Earlier this rate was 12.5 percent.
Union Agriculture and Farmers Welfare Minister Shivraj Singh Chauhan said through Xpost, “The Modi government, committed to the development of farmers, has decided to increase the basic duty on refined oil to 32.5%. This decision will increase the demand for mustard, sunflower and groundnut crops for refined oil. Farmers will be able to get better prices for these crops and at the same time, employment opportunities will also increase due to the increase in refineries in small and rural areas.”

The farmer-friendly Modi government has taken a decision in the interest of farmer brothers and sisters and has increased the import duty on edible oils from 0% to 20%. The total effective duty will be 27.5% after adding other measures.
Increasing import duty will increase the prices of soybean crop and edible oil manufacturers will also…
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— Shivraj Singh Chouhan (@ChouhanShivraj) September 14, 2024

According to the report, due to increase in custom duty, the total rate of effective duty on all related edible oils has increased to 35.75 percent. The effective rate of duty on crude palm oil, crude soybean oil and crude sunflower seed oil has now increased from 5.5 percent to 27.5 percent. At the same time, the effective rate of duty on refined sunflower seed oil, refined palm oil and refined soybean oil has now increased from 13.75 percent to 35.75 percent. Due to which the prices of refined oil can see a rise.
Onions will make you cry and Basmati rice will also become expensive
According to the ex post of the Union Agriculture and Farmers Welfare Minister, the Modi government has decided to remove the minimum export duty on Basmati rice. With the removal of export duty, Basmati producing farmers will get a fair price for their produce and along with the increase in demand for Basmati rice, exports will also increase. Apart from this, the government has reduced the export duty on onions from 40% to 20%. With the reduction in export duty, onion producing farmers will get good prices for onions and onion exports will also increase.
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The Modi government, sensitive towards farmer welfare, has decided to remove the minimum export duty on Basmati rice.
With the removal of export duty, Basmati producing farmers will get fair prices for their produce and with the increase in demand for Basmati rice, exports will also rise.
This important…
— Shivraj Singh Chouhan (@ChouhanShivraj) September 14, 2024

Reducing the export duty on onion from 40% to 20% can lead to a rise in onion prices. Even now onions are available in the retail market at Rs 80 per kg. Due to the government's decision, onion exports to other countries will increase rapidly. In such a situation, a shortage of onions can be seen in the domestic market. This can lead to an increase in the price of onions. This will also apply to Basmati rice. Its price can also increase.
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Committed to the progress of farmers, the Modi government has reduced the export duty on onion from 40% to 20%.
Due to reduction in export duty, onion producing farmers will get good prices for onion and onion export will also increase.
Due to this decision of the government, farmers as well as other onion related issues will be affected.
— Shivraj Singh Chouhan (@ChouhanShivraj) September 14, 2024