Govt removes cap on export of branded edible oil
feBureau: New Delhi, Feb 01 2013, 23:37 IST
The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved the removal of quantitative cap of 20,000 tonnes on export of branded edible oil in a consumer pack of up to five kg with a minimum export price of $1,500 per tonne.
This is for the first time that the oil will be allowed to be exported in the last five years as the country imports close to half of its requirement. The move is expected to give better realization for groundnut and mustard farmers.
The move will encourage shipments of value-added processed products from agri-crops.
“The CCEA has cleared the proposal of the commerce ministry on branded edible oil. It has approved the removal of quantitative cap on export of branded edible oil in a consumer pack of up to five kg,” commerce minister Anand Sharma told reporters after the meeting.
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