India will no longer be able to able to import Palm Oil from Malaysia and this will be a good news for Indian domestic companies.Due to import of palm oil at cheaper rates from Malaysia,these companies in India were facing a lot of struggle,as they were not able to utilize their full potential.
Actually,in India, palm oil is cheaper even after importing from Malaysia, compared to the rate at which these companies sell refined palm oil.Now after the ban, these companies will be able to sell their oils in the market earning greater profits.
The action was taken after Malaysia's Prime Minister Mahathir Mohamad opposed India's stand on Kashmir and CAA. Malaysia's PM claimed that the citizenship law is totally unfair.India has prohibited the import of refined palm oil from Malaysia and the chances are that India might put ban on other commodities it imports from Malaysia too.
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