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India: 2020-21 Budget Raises Tariffs on Several Agricultural Products
11.02.2020 15:10 "Agro Perspectiva" (Kyiv) —
Following are selected highlights from a report issued by a U. S. Department of Agriculture attache in New Delhi (India), în February 1, 2020, Finance Minister Nirmala Sitharaman presented the Government of India’s (GOI) annual budget for Indian Fiscal Year (IFY) 2020/21. The GOI, with immediate effect, increased tariffs on several food and agricultural products, including dairy products, walnuts (shelled), edible vegetable oils, infant foods, and soy products. Products effected: cashew nuts, fruit juices, crude edible vegetable oils, refined edible vegetable oils, and soft drink concentrates Agency in Charge: Government of India’s Ministry of Finance. The changes below, in the Basic Custom Duty (BCD) are scheduled to enter into force with immediate effect from midnight February 1/February 2, 2020, Indian Standard time. Food and agricultural products seldom are considered for permanent changes in the tariff structure and are reviewed periodically; however, the recent announcement was solely for increases in the BCD for a number of agricultural goods; the only reduction in tariff rate was for purebred breeding horses.
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