| Date: |
26-10-2015 |
| Subject: |
Oilseeds crop production likely to be affected seriously: Solvent Extractor's Association of India |
|
MUMBAI: With the country facing drought-like situation for the second consecutive year, oilseeds production is likely to be hit seriously, the Solvent Extractor's Association of India (SEA) said.
"It is unfortunate for India to face a drought like situation for the second consecutive year with just 88 per cent of the long term average monsoon, seriously affecting the oilseed crop production in the country," SEA President Pravin Lunkad said here.
"We expect soybean crop at around 85 lakh tonnes and of groundnut at around 31 lakh with sesame seed around 4.6 lakh tones and sunflower around 0.5 lakh tonnes. Thus between these 4 crops, the availability could be lesser by around 5.3 lakh tonnes compared to last year," G G Patel, former SEA President, said.
Lunkad pointed out that the country's oilseeds production is more or less stagnant and hovering between 27-28 million tonnes during the last few years. It is high time that the industry and farmers urge the government to permit genetically modified oilseeds, which are resistant to pest attack and drought, to enable increasing oilseeds crop.
Commenting on artificial activity in soybean futures, Lunkad said, lately, the futures market on soybean has flared up without any fundamental support or reasons, causing financial damage to farmers, processing industry and meal exporters.
The Association has strongly requested SEBI Chairman to impose appropriate margins and take measures to cool the market.
Lunkad said that the industry needs to take steps to reverse decline in exports.
There is need for easy availability of railway rakes for exports to SAARC countries, higher import duty on edible oils to support exporters of oilmeals and also permit import of oilseeds at reduced import duty and also oilcakes and rice bran at nil duty to augment the raw material availability for processing, he added.
Source : economictimes.indiatimes.com
|