MUMBAI (Commoditiescontrol) - Indore based Soybean Processors Association of India (SOPA) has also requested the central Government to increase customs duty on edible oil imports. India being the largest importer of edible oil - third largest item on importing list, is set to record highest imports this year due to lower availability domestically amid subdued prices.
Farmers have shifted to other cash crops due to the lower realisation from oilseed harvesting.
SOPA has maintained that, "India has become a dumping ground for cheap edible oils and the current level of imports is excessive, leading to unnecessary build up of stocks and also over consumption."
Historically imports of edible oils always increase with a drop in global prices and the demand automatically increases.
DR Davish Jain, Chairman SOPA in his letter to Arun Jaitley, Finance Minister wrote, "We are now no more serving Indian Consumers’ interest but helping the oilseed growers and edible oil industry in exporting countries, at the cost of our farmers and industry, which needs to be encouraged for giving necessary fillip to domestic industry and encourage domestic production to support the “MAKE IN INDIA” objective."
SOPA, therefore, once again requested Government to increase customs duty on crude edible oils by another 30 per cent on both crude and refined oils taking it to 37.5 per cent on crude and 45 per cent on refined edible oils.
Similar request have been made to Commerce & Industry, Minister of Agriculture and Minister of Consumer Affairs, Food and Public Distribution.
On Monday, the Solvent Extractors Association (SEA) - the industry body that represents vegoil sector, had urged the government to impose higher import duties vegoil in order to protect farmers.
(By Commoditiescontrol Bureau; +91-22-40015533)
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