Finance Minister Arun Jaitley today proposed to cut customs duty on raw cashew from 5 per cent at present to 2.5 per cent to give a boost to cashew processing industry.
"To help the cashew processing industry, I propose to reduce customs duty on raw cashew from 5 per cent to 2.5 per cent," he said while presenting the Union Budget.
The domestic industry has time and again urged the government to cut the duty on raw cashew.
As per estimates, there are over 4,000 cashew processing units in 14 states, including Karnataka, Tamil Nadu, Goa, Maharashtra, Kerala and Andhra Pradesh.
Besides, the other states that grow cashew includes Odisha, West Bengal, Gujarat and Pondichery.
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