| Date: |
22-12-2015 |
| Subject: |
Industry demands reduction in duty on high oil-content oilseeds |
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PUNE: The Solvent Extractors Association, which represents oilseeds processors, has requested reduction in import duty on high oil-content oilseeds like rapeseed/mustard (Canola) and sunflower seed, in order to make more raw material available for the processing industry.
"Stagnant and at times faltering oilseeds production, increase in population and increased standard of living has enhanced oils imports from 9.981 million metric tonne in 2011-12 to 14.42 million metric tonne in 2014-15. Further our country is also loosing out on the oilmeal's export front as larger quantity is consumed by domestic feed industry to cater to the growing population due to stagnant oilseed production," stated a release of the Solvent Extractors' Association (SEA).
The Association has pleaded with the Commission for Agricultural Costs and Prices at the meeting held on 11th Dec 2015 to recommend for reducing the import duty to 5-10% from the current 30% on high oil-content oilseeds like rapeseed/mustard (Canola) and sunflower seed.
"This will have a multitude of advantages like reduce imports of edible oils, larger availability oil oilmeals for local consumption by feed industry and exports, increased value addition in India and thus contribute towards the "Make-In-India Programme," stated the release.
The Association has maintained that this move will not affect the farmers adversely as they are protected by the minimum support price.
Source : economictimes.indiatimes.com
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