Trade measures boost edible oil industry

Seed prices move up after export sops and import duty hikes

Oilseed prices have risen in the last two days following the government’s decision to bail out domestic edible oil producers through a sharp rise in import duties.

The government had on November 18 almost doubled the import duty on all variants of edible oils. The hike has started working in favour of farmers and soybean is leading the oilseed price increase. 

Soybean prices have shot up by seven per cent to Rs 3,052 a quintal over the last two weeks in the Indore mandi. Trailing by Rs 200-250 a quintal for several weeks, soybean in the Indore mandi has exceeded its minimum