The Hindu Business Line : Plea to hike import duty on edible oils

THE import duty on all edible oils across the board should be raised by 15 percentage points immediately so that the processing industry could pay at least the minimum support price (MSP) to farmers in the rabi season, the Solvent Extractors Association of India (SEA) has pleaded in a representation to the Government.

The association has suggested the gearing up of the National Agricultural Cooperative Marketing Federation to undertake market intervention so as to procure rapeseed/mustard at all the marketing yards. Reiterating the need to hike customs duty, SEA said it might not be feasible for Government agencies to procure the entire quantity of 70 lakh tonnes worth over Rs 12,000 crore.

Future quotes for rapeseed/mustard ex-Mandi for March and May are about Rs 1,450 a tonne, while the MSP is Rs 1,700 a tonne, the representation pointed out. In his last Budget speech, the Finance Minister had spoken about crop diversification and policy support to encourage oilseed cultivation.

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