CEPCI lauds hike in import duty on cashew kernels

The Cashew Export Promotion Council of India (CEPCI) is of the opinion that the hike of 45-70% in import duty on cashew kernels in the budget 2019-20 is a reason to rejoice.

“On 8th February 2018, the council had represented the Government of India to increase the imports of cashew wholes from Rs 400 to Rs 720 per kg. As same, broken cashews to be increased from Rs 288 to Rs 680 per kg and also to hike the import duty on all cashew kernels from 45% to 70%. Vide Notification No. 8, 2015 – 2020 dated 12 June 2019, the DGFT had increased the Minimum Import Price as requested by the CEPCI,” said Dr R. K. Bhoodes, Chairman of CEPCI.

The industry is heavily dependent on imported cashew for processing. The import duty has made domestic processing unviable, resulting in the diversion of raw cashew nuts from other producing countries to India’s competing countries, he added.