Business Daily from THE HINDU group of publications
Monday, Nov 10, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Monday, Nov 10, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Agri-Biz & Commodities
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Oilseeds & Edible Oil Industry & Economy - Exports & Imports Web Extras - Excise and Customs ‘Restore customs duty on edible oil imports’ Our Bureau Ahmedabad, Nov. 9 The Central Organisation for Oil Industry and Trade (COOIT) has urged the Government to re-impose bound-rate customs duties on import of edible oils immediately to encourage higher oilseeds and edible oil production in India. The Government should re-impose customs duty at the rate of 37.5 per cent, at par with the agreement reached between the ASEAN countries, to safeguard interests of Indian farmers and those involved in the edible oil sector, Mr D.N. Pathak, Executive Director, COOIT, said on the sidelines of the two-day, 46th All-India Convention on Kharif Oilseeds, Oil Trade and Industry, that commenced here on Saturday. COOIT President, Mr Davish Jain, told a press conference that prices should not be allowed to decline as these could become a disincentive to Indian farmers to grow more oilseeds in preference to other crops. At the current level of raw material prices, processors are not finding even minimum crush parity, he said. Mr Jain said that “knee-jerk reactions” like zero import duty on crude edible oils, re-imposition of Storage Control Order, ban on futures trading and subsidised supply of edible oil through PDS, aimed at short-term gains, would leave an adverse, long-term impact on the farmers, processors and consumers.
The ban on export of edible oils has seriously hurt the interests of the industry, particularly those players who have sunk huge money in brand-building abroad and lost heavily due to the ban. Although India accounts for 17.5 per cent of global oilseeds area, it has only 8.3 per cent of world’s oilseeds output, only 8 per cent of oil meal production and as much of oil meal exports. Despite India being the fifth largest oilseeds economy, it is well below the US, China, Brazil and Argentina. “We want to move up in output and productivity to come closer to these countries.” In another move, Mr Jain said, COOIT will take lead in forming the Asian Federation of Oilseeds and Vegetable Oil Industry and Trade. The proposal has received favourable response from many countries including Indonesia, Malaysia, China, the Philippines, Japan and Thailand, all having a significant vegetable oil industry and trade. More Stories on : Oilseeds & Edible Oil | Exports & Imports | Excise and Customs
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