Oilseed Industry in India Expects Import Tax Rise, Mistry Says

The oilseed industry in India, the world’s biggest importer of cooking oils, expects the new government led by Narendra Modi to increase duties, according to Dorab Mistry, director at Godrej International Ltd.

Purchases of oils have expanded with a greater proportion in the form of fully processed products because Indonesia and Malaysia impose heavy duties on shipments of crude palm, Mistry said. Most people in the Indian industry want Modi to raise the import tax on crude palm to 5 percent and increase the duty on processed products to 20 percent, he said by e-mail.