Indore (Madhya Pradesh): There is need to increase the import duty on edible oils to curb the falling prices of the commodity in the domestic market. It is also necessary to avail better prices to oilseed cultivators.
The Soyabean Processors Association (SOPA) made the demand of this regard is made to Union commerce and industry minister Piyush Goyal. SOPA has sent a memorandum to the minister. DN Pathak, executive director of SOPA informed here on Tuesday that we have brought the facts in the attention of the minister that prices of edible oils are continuously falling and are at a very low level currently. Rapeseed and mustard crop harvest is going to 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.
In order to achieve the target of Atmanirbhar Bharat in edible oils, it is imperative to keep the momentum gained in indigenous production of soybean, rapeseed and 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 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.
Pathak said that in view of these facts we have requested to Minister that import duty on edible oils should be increased. The quantum of increase may be decided, striking a balance between the interest of consumers and farmers. Abolish duty free import of sunflower oil for 2023-24. Fix rate of soybean meal export, based on factual data and also give transport assistance to offset the very high freight in India. He said that we have also requested the minister to enter into an arrangement with neighbouring countries for export of soybean meal through local currency.
