News Today: Essential import duty retained for stable prices and local industry protection

The Ministry of Finance, Planning and Economic Development announced the retention of import duty on 63 essential items to stabilize prices and safeguard local industries. A gazette notification confirmed that the existing duty rates on staples such as dhal, white sugar, potatoes, big onions, red onions, coconut oil, vegetable oil, canned fish, and dried chilies will remain unchanged.

Additionally, tax rates on items like rice, millet, green gram, maize, turmeric, fruits, fish, and dried fish are also retained. This strategic decision aims to prevent price hikes for consumers while protecting local agriculture and fisheries industries.

By maintaining current import duties, the Government ensures affordable prices for essential food items and supports domestic producers. This measure reflects the Government’s commitment to economic stability and food security amidst global challenges.

The move reinforces the importance of prioritizing local production and consumer welfare while ensuring a balanced approach to taxation.