World Economy

India Cuts Edible-Oil Import Tariffs Ahead of Festival Season

India has halved import duties on crude palm and soybean oils to stabilize domestic prices before the festive season. The world's largest edible-oil importer implemented the tariff reduction to ease consumer costs during peak demand periods. Separately, India's central bank has taken complementary monetary steps. The Reserve Bank of India conducted foreign exchange swaps exceeding $10 billion in recent weeks to reduce liquidity pressures and manage inflation risks. Officials aim to prevent price surges on essential food commodities while addressing monetary system pressures during the festival period, when consumer spending typically rises.