India cuts import tax on crude palm oil to 27.5% from 37.5%- govt

India is the world's biggest importer of palm oil

  
Palm oil fruits are seen placed on a wheelbarrow at a palm oil farm in Klang, outside Kuala Lumpur, February 19, 2014. Image used for illustrative purpose.

Palm oil fruits are seen placed on a wheelbarrow at a palm oil farm in Klang, outside Kuala Lumpur, February 19, 2014. Image used for illustrative purpose.

REUTERS/Samsul Said

MUMBAI - India on Thursday slashed import tax on crude palm oil to 27.5% from 37.5%, the government said in a statement, as New Delhi tries to bring down rising food prices.

India is the world's biggest importer of palm oil. It imports around 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

(Reporting by Rajendra Jadhav; Editing by Toby Chopra) ((Rajendra.jadhav@thomsonreuters.com; +91 8061822657; Reuters Messaging: p.george@thomsonreuters.net))

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