India cuts import tax on crude palm oil to 27.5% from 37.5%, says government

MUMBAI: India on Thursday slashed import tax on crude palm oil to 27.5% from 37.5%, the government said in a statement, as New Delhi tries to bring down rising food prices.

India is the world's biggest importer of palm oil. It imports around 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

(Reporting by Rajendra Jadhav; Editing by Toby Chopra)