The government has decreased import duty on lentils to nil for countries such as Australia and Canada and have cut it to 22 per cent for those originating in the US. It has also lessened cess on crude palm oil to 5 per cent from 7.5 per cent.

• Coal India, AMNS Sign MoU on Syn-Gas at Paradip Plant
• HAL Hits 52-Week High of Rs 5,055 on Strong Q1 Results
• MP Approves Rs 1,757 Crore Bhopal-Vidisha Road Project
• Nvidia Reportedly Developing 1 Trillion-Parameter AI Model
• West Coast Paper Hits 52-Week High on Strong Q1 Profit

Prices of cooking oils are also increasing after dropping slightly in November. Mustard oil prices have risen to Rs 175 per kg on wholesale. The decision to cut taxes on imported palm oil from February 13 is expected to boost local refining by 60 per cent. India’s decision to relax the import duty on lentils has been appreciated in Australia. The Australian farmers are happy to get better returns and liquidate their stocks. The domestic rates of lentils are at Rs 70 to 73 per kg.