By Ankush Chibber, 03-Jan-2012
The Indian edible oil industry is banking on a slew of corrective measures in 2012 to revive its fortunes after the last year ended on a downhill thanks to changes in the Indonesian palm oil tax structure.
Industry is calling for land diversification policies to be put in place to battle cheaper imports, tax breaks, and a ban on consumer palm oil products coming into the country.
India was negatively impacted by Indonesia's decision to slash the maximum export tax on refined, bleached and deodorised palm oil (RBD) to 10%, while the rate for crude palm oil was left at 22.5%.
As a result, Indian food industries began importing more of RBD palm oil for the festive season in India, which stretched from October to the New Year, putting local refineries in trouble
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