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SOPA demand rationalizing customs duty to protect local oil mills

7 Feb 2023 6:35 pm
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The Soybean Processors Association of India (SOPA), the local trade organization, has urged central government to take necessary steps to protect domestic edible oil industry from the possible dumping of cheaper oils.

SOPA appraised Piyush Goyal, Minister of Commerce & Industry, about the edible oil industry’s current situation. The trade body informed about continuous fall in the prices of edible oils, sliding towards a very low level currently.

Bumper crop forecast are getting built into future prices. Rapeseed/mustard Crop harvest will start soon and an all-time high bumper crop of over 12 million tons is expected.

Global soybean production this year is going to be record all time high and Brazil alone will have an additional production of 30 million tons, as compared to last year. In view of this, the international edible oil prices are likely to remain within the current low range, which is very comfortable for the consumers.

SOPA also asserted that to achieve the target of Atmanirbharta in edible oils, it is imperative to keep the momentum gained in indigenous production of soybean and rapeseed/mustard during the past 2 years. The surge in domestic production would also lead to a higher export of soybean meal, helping to reduce the stressed current account deficit.

There is a big market for Indian soybean meal because of its USP of being non-GM. Neighbouring countries like Iran, Sri Lanka and Bangladesh also import soybean meal from India. However, they do not have sufficient foreign exchange to import. In view of the above facts, SOPA has request you to take certain measures including increase in import duty of all edible oils and abolishing duty free imports of sunflower oil for 2023-24.

The quantum of increase in edible oil imports may be decided, striking a balance between the interest of consumers and farmers, SOPA added.

It has also sought a fix rate of RoDTEP on soybean meal export, based on factual data and also give transport assistance to offset the very high freight in India. Enter into an arrangement with neighbouring countries for export of soybean meal through local currency.

The trade body has also sought a personal meeting to make an elaborate presentation on the same issue.

(By Commoditiescontrol Bureau: +91-9820130172)

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