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Government comes out with incentives to bolster export of soyabean meals |
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KOLKATA: The mood is upbeat among the soybean producers in the country as the government has come out with export incentives to help export of soybean meal which suffered severely last year. The Soybean Processors Association of India ( SOPA) has welcomed the new foreign trade policy 2015-2020 .
Davish Jain, chairman-SOPA giving his reaction to the FTP said that the new trade policy is a complete transformation of the way in which India's foreign trade would take place and the structural policy changes with complete revamp of the incentive schemes, the trade facilitation schemes and other measures will boost India's exports and help us in reducing the current account deficit.
He specially welcomed the export incentives announced to help exports of oil meals, specially oybean meal, which have gravely suffered in the last year because of factors beyond the exporters control. "We are confident that soymeal exports will gain the lost ground and contribute significantly to India's foreign trade. We now look forward to working closely with commerce ministry in our efforts to revitalise India's soy meal exports," he said.
Export of oilmeal, used as animal feed, fell by 41% to 1.81 lakh tonnes during February this year due to sharp drop in shipments of soyabean meal. The country had shipped 3.07 lakh tonnes of oilmeal in the same month previous year. Of total exports, soyabean meal shipments fell by 65% to 64,514 tonnes in February this year, as against 1,83,550 tonnes in the year-ago period.
Similarly, export of rapeseed meal also declined to 62,545 tonnes from 82,294 tonnes.However the export of castorseed meal rose to 51,494 tonnes in February this year as against 39,816 tonnes, while the shipment of ricebran extraction rose to 3,380 tonnes from 1,500 tonnes in the review period.
During the April-February period of the 2014-15 fiscal, total oilmeal exports declined by 43% to 22.29 lakh tonnes as compared to 39.33 lakh tonnes in the same period corresponding year.India mainly exports oilmeal to countries such as South Korea, Thailand, Vietnam, Taiwan, Indonesia, Iranand European nations.
Source : economictimes.indiatimes.com
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