Indian stockbrokers watch the Bombay Stock Exchange index on a trading terminal in Mumbai, India, Monday, March 9, 2020.
The food ministry had proposed lowering import taxes on crude and refined vegetable oils, including palm oil, by 3-7 percent to keep a lid on domestic prices that leapt more than 11 percent after India restricted palm oil imports from Malaysia in January. The finance ministry also shelved other proposal by the food ministry that would have raised the supply of highly subsidised rice and wheat to millions of people under the world's biggest food welfare programme, said the sources, who did not wish to be identified as they are not authorised to talk to media.
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