Rajkot castor seminar to help promote local trade

Rajkot will host the Fourth International Seminar on castor seeds, castor oil and its value-added products to be organised by The Solvent Extractors Association (SEA) of India and supported by The Rajkot Seeds Oil & Bullion Merchants Association Ltd.

The seminar, to take place on Saturday, is likely to be attended by 300 delegates and special invitees from both across the country and world.

Rajendra Pobaru, president of Rajkot Seeds Oil and Bullion Merchants Association, said, "This seminar is supported by a large number of national and international associations and organisations connected with the castor trade. We are fortunate to have such an esteemed assembly of global and domestic players in the castor trade at Rajkot. India is the world leader in castor seed production, and provides more than 70 per cent of the world's requirement of castor oil. This seminar will certainly benefit the trade fraternity."

Besides being consumed as a commodity, castor is used in 34 areas. So the focus of the seminar is going to be more on issues like upgrading and standardising quality of existing value-added products, adoption of latest technological inputs, innovative farming methodologies, research and development initiatives, diversification, marketing activities, efficiently managing futures exchanges among other.

The seminar will also enhance the confidence of overseas customers in India as a dependable outsourcing source, claimed Pobaru.

Export of castor oil and datives contributes more than Rs 700 crore foreign exchange. The global castor derivatives market is estimated to be over $500 million with India's share being between $150 million to $175 million per annum.

So, price outlook, crop estimation, demand-supply situation become important, explained Harilal Chhagalal, an eminent Rajkot trader.

A team of national and international speakers will be making presentations, followed by an open house to conclude the day, added Harilal.

Among the dignitaries and key speakers will be A R Sharma, president of SEA; Rajendra Pobaru; Shwetal Vakil, who will be the chairperson at the seminar; P H Bolomi, president of International Castor Oil Association; Jignesh Shah, managing director of Multi Commodity Exchange; S Sudarshan, chairman of Forward Market Commission; Bhupendrasinh Chudasam, Gujarat State Agriculture Minister; F R Khodaiji, director of Pratima Exports, Mumbai; Leeve Soares Sraveri, scientist from Brazil Agriculture Research Corporation under the ministry of agriculture of Brazil; Alok Mitra, general manager (exports) of HLL; Thomas Milke, editor, Oil World Publication ISTA Milke GmbH, Germany; Nagraj Medan, managing director of Transgraph Consulting, Hyderabad, and G Chandrashekhar, commodity editor of Businessline.