Financial Daily from THE HINDU group of publications
Sunday, Dec 07, 2003
Financial Daily from THE HINDU group of publications Sunday, Dec 07, 2003 |
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Agri-Biz & Commodities
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Oilseeds & Edible Oil Vanaspati: Good news for eastern region units Our Bureau
Kolkata , Dec. 6 A MAJORITY of the vanaspati units of the eastern region on Saturday announced resumption of their operation. According a release issued by east zone chapter chairman of the Vanaspati Manufacturers' Association (VMA), Mr Kunal Banerjee, the decision was taken on the basis of an assurance by the West Bengal Government that sales tax of 20 per cent, instead of current 4 per cent, would be slapped on the vanaspati imported from Nepal. Eight units of West Bengal and one unit of Jharkhand reopened on Saturday. But one unit of Bihar and two of Orissa still face the problem of being completely out-priced by the duty-free imports from Nepal. The 16-percentage additional sales tax, assured by the West Bengal Finance Minister, Dr Asim Dasgupta, would make the imported vanaspati dearer and the local product "somewhat competitive," according to industry insiders. However, this is a temporary relief, industry sources maintain. On November 23, the VMA had declared closure of these mills, as their operation was rendered unviable in view of realisation less than the cost. The vanaspati units are lobbying the Union Government for a review of the bilateral trade treaty/free trade agreement with Nepal vis-à-vis vanaspati.
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