Dr. B V Mehta of SEA: We are a bit disappointed by the fact that no announcement has been made on increasing import duties on edible oils as well raising the duty difference between Crude oils and Refined Oils to minimum 15%
FinTech BizNews Service
Mumbai, July 23, 2024: The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament on Tuesday.
The Solvent Extractors' Association of India (SEA) congratulates the Government for announcing "National Missions for Edible Oils," focused on key oilseeds like mustard, groundnut, sesame, soybean, and sunflower. Dr. B V Mehta, Executive Director, SEA, elaborates: “This initiative encompasses crucial aspects such as research for high-yielding varieties, the widespread adoption of modern farming techniques, establishment of market linkages, procurement, value addition, and crop insurance. We trust this important Mission would be adequately funded to ensure game changing results in reducing import dependence in coming years.
It is also heartening to note that Government will undertake a comprehensive review of agriculture research setup to bring the focus on raising productivity and developing climate resilient varieties. Domain experts both from the government and private sector will oversee the conduct of such research. Furthermore, Digital crop survey will be conducted, covering 6 crore farmers across 400 districts beginning in the forthcoming Kharif season. The announcement is significant as it will give credible data for decision making.
We are a bit disappointed by the fact that no announcement has been made on increasing import duties on edible oils as well raising the duty difference between Crude oils and Refined Oils to minimum 15%. Needless to repeat we had been requesting the Government to increase import duties on edible oils to help incentivise oilseed farmers but it seems it has missed the attention of Hon. Finance Minister.
The domestic refining industry has been suffering due to heavy imports of Refined oils, which is contrary to our Prime Minister’s Make in India dream. The capacity utilisation of our Refining industry is suffering very badly and also resulting in loss of employment opportunities. Hope our pleas would be given due attention in coming days.”
