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FAS New Delhi expects India’s peanut oilseed production to rise by 18 percent in marketing year (MY) 2024/2025 and reach 7.2 million metric tons (MMT) due to higher market prices, an increased planting area of 5.6 million hectares, and the use of high-yielding varieties that produced higher yields.
Soybean production in marketing year (MY) 2024/2025 is estimated at 12.9 million metric tons (MMT) on favorable conditions and slightly higher area.
On June 14, 2023, India’s Ministry of Finance issued Public Notice No. 39/2023 - Customs that reduces the import duty on refined sunflower and soybean oils.
On January 11, 2023, India’s Ministry of Commerce and Industry/Directorate General of Foreign Trade (DGFT) issued Public Notice No. 50/2015-20. The notice specifies that India amended its previous tariff-rate quota of 2 million metric tons for crude soybean oil, previously allowable at a zero percent duty through Indian fiscal years (IFY) 2022/23 and 2023/24 (April 1-March 31).