The government has prolonged the Customs duty exemption on masoor dal until March 2025 as a measure to control food inflation. Initially effective from October 2021 and previously set to end on March 31, 2024, this exemption has been extended as per the recent order by the Central Board of Indirect Taxes and Customs (CBIC).
Food inflation, constituting a significant portion of the overall consumer price basket, surged by 8.7% in November, compared to 6.61% in October. The steep rise in prices of vegetables like onions, fruits, and pulses primarily contributed to this increase, as revealed by the Ministry of Statistics' latest data.
Pulse prices, crucial for the country's protein supply, notably rose by 20.2% during the month. Additionally, vegetable prices soared by 17.7%, and fruits became around 10.9% more expensive.
In response to the escalating food prices, the government has implemented several strategies, including the prohibition of exports and reducing customs duties on edible oils, to mitigate the situation. These measures aim to alleviate the burden of rising food costs for consumers.
(With Agency Inputs)
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