 "Veg oil import duty may rise")
Vegetable oil import during August touched 1,374,049 tonnes, up from 1,333,480 tonnes in the same month a year ago. The overall import of vegetable oils between November 2014 and August 2015 rose 23 per cent from 9,525,374 tonnes in August 2014 to 11,725,065 tonnes in August this year, according to data compiled by the Solvents Extractors’ of India (SEA).
“India is being used as a dumping ground for excessive supply of edible oils in the world market,” said B V Mehta, executive director, SEA.
He added the Union ministries of food, commerce and agriculture have recommended an increase in duty on crude oils and refined oils and now it is under consideration of the finance ministry.
Excessive import has put tremendous pressure on local prices. As a result, Indian oilseeds-growing farmers are in distress and losing interest in the crop. India’s dependence on imported oil has further increased to nearly 70 per cent, an alarming situation for the country’s food security.
India imported 406,000 tonnes of soybean oil in August 2015, which is among the highest. In the past, high imports had been recorded in July 2015 (349,000 tonnes) and August 2001 (310,000 tonnes).
“India is being used as a dumping ground for excessive supply of edible oils in the world market,” said B V Mehta, executive director, SEA.
He added the Union ministries of food, commerce and agriculture have recommended an increase in duty on crude oils and refined oils and now it is under consideration of the finance ministry.
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According to sources, the decision is likely to be taken in the Cabinet meeting being held in a day or two.
Excessive import has put tremendous pressure on local prices. As a result, Indian oilseeds-growing farmers are in distress and losing interest in the crop. India’s dependence on imported oil has further increased to nearly 70 per cent, an alarming situation for the country’s food security.
India imported 406,000 tonnes of soybean oil in August 2015, which is among the highest. In the past, high imports had been recorded in July 2015 (349,000 tonnes) and August 2001 (310,000 tonnes).