Oilseed processors disappointed with Union Budget 2017
PUNE: “We congratulate the Government for presenting pro-farmer budget which will go a long way supporting the farmers to raise their income and sustain their interest in agriculture. However, we do not see any announcement by the Hon’ble Finance Minister to augment the production of oilseeds which is the crying need of our country,” a release from the Solvent Extractors Association (SEA) stated.
There is no change in duty for import of vegetable oils and maintained the same as hitherto on crude oils and refined oils. “For level playing field, the industry had demanded to raise the duty difference between crude and refined oils from 7.5% to 15% to safeguard the interest of farmers and improve capacity utilization of refiners which currently operating at 40 to 50% only,” said Atul Chaturvedi, president, SEA.
“Further to overcome the shortage of raw material for crushing and feed industry we had suggested to encourage import of oilseeds viz. Sunflowerseed and Rapeseed by lowering duty to 5% from 30% at present and also reduce the duty on oilcake, ricebran and oil bearing materials from 15% to Nil to make their import commercially viable to encourage value addition and employment within the country and thereby encouraging ‘ Make in India ‘ plan as visualized by Hon’ble Prime Minister,” he added furthe ..
Finance Minister has chosen not to change the import duty on edible oil and decided to maintain the status quo. “This will discourage farmers to continue to grow oilseeds and may switch over to other crops and our dependence on imports of Vegetable oil will further increase,” stated SEA release.
Source: ECONOMIC TIMES
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