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Import duty on edible oils hiked by 5 percent

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New Delhi: In a bid to protect its domestic industry, India on Friday hiked the import duty on edible oils by 5 percent.

The Central Board of Excise and Customs here said in a notification that the customs duty on edible oil in all categories had been increased by 5 percent. Duty on crude edible oil has been increased from 7.5 percent to 12.5 percent while on refined edible oil from 15 percent to 20 percent.

A study by industry body Assocham on Thursday said, Deficient monsoon is building pressure on edible oils, which may send India’s import bill of this key cooking ingredient soaring to $14 billion in the current financial year.

The deficit in average rainfall so far for 2015-16 is 12 percent, according to the latest available information.

“Therefore, assuming that the production of oil seeds for 2015-16 remains at the level of 2014-15 and anticipating a rise in demand, vegetable oils imports would reach around $14 billion for 2015-16, which was around $10 billion last year,” said the study by Associated Chambers of Commerce and Industry of India (Assocham).

These imports were $7.2 billion in 2013-14, increasing by over 46 percent in the following year.

(IANS)

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Demanding Targets Make Employees Sleep Less Than 6 Hours : Assocham

"Depression, fatigue, and sleeping disorder are conditions or risks that are often associated with chronic diseases and have the largest impact on productivity."

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Employees

Nearly 56 percent of corporate employees in India sleep less than six hours a day due to high-stress levels that arise out of tough targets set by their employers, an Assocham Healthcare Committee report said here on Monday.

“Setting of unreasonable and unrealistic targets causes lack of sleep, has wide-ranging effects including daytime fatigue, physical discomfort, psychological stress, performance deterioration, and low pain threshold and even increase absenteeism,” the report said.

Findings of the report pointed out that sleep deprivation costs $150 billion a year due to higher stress and reduced workplace productivity. The work performance pressure, peer pressure, difficult boss — all of this is taking a toll on the physical and mental health of people, it said.

employees
About 46 percent of the Indian workforce suffer from some form of stress, according to the survey. Pexels

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The stress could be related to personal issues, office politics, or performance target issues, it added.

“There is a rising case of metabolic syndrome that includes, diabetes, high uric acid, high blood pressure, obesity, and high cholesterol (in India),” the report said.

About 16 percent of the sample population of the survey claims that they suffer from obesity. Depression was witnessed among 11 percent of the respondents, it said.

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Employees
People suffering from high blood pressure and diabetes comprised of 9 percent and 8 percent of the sample population respectively, as per the report. Pixabay

Spondylosis (5.5 percent), heart disease (4 percent), cervical (3 percent), asthma (2.5 percent), slip disk (2 percent), and arthritis (1 percent) are other common diseases among corporate employees, it said.

“Depression, fatigue, and sleeping disorder are conditions or risks that are often associated with chronic diseases and have the largest impact on productivity.” (IANS)

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