Budget 2013: Exports of de-oiled rice bran cake to increase due to abolition of duty.

KOLKATA: The finance minister's decision to abolish 10% export duty on de-oiled rice bran oil cake will give a filip to the exports and make the domestic industry competitive in the world market.

India produces 4 million tonnes of de-oiled rice barn cake, which is mainly used for cattle feed. "Of this 2 lakh tonnes is exported. Vietnam is the major country where India exports de-oiled rice bran cake. Export duty on de-oiled rice bran oil cake had made our exports uncompetitive.

This is a welcome move by the FM" said Mr B.V. Mehta, executive director, Solvent Extractors Association of India. In the period April 2012 to January 2013, India had exported 2 lakh tonnes of de-oiled rice bran oil cake whose value is estimated at Rs 175 crore.

However, the industry is upset that the import duty on refined palmolein has not been increased to bring the duty differential between imported crude palm oil and refined palmolein to 7.5%. "This should have been done to put a check on huge imports of vegetable oil from Indoensia and Malaysia," Mr Mehta felt.


Source : economictimes.indiatimes.com