Business Daily from THE HINDU group of publications
Saturday, Mar 01, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Mar 01, 2008 ePaper | Mobile/PDA Version |
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Agri-Biz & Commodities
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Budget Mixed reactions from edible oil industry 
Mr Davish Jain Our Bureau Hyderabad, Feb. 29 The edible oil industry is divided over the proposals made in the Budget. While the Central Organisation for Oil Industry and Trade (COOIT) feels the move to not cut Customs duty on edible oil is a welcome feature, the Solvent Extractors Association feels several demands of the sector have been ignored. Welcoming the focus and thrust on agriculture, Mr Davish Jain, COOIT Chairman, felt the decision to continue with the current customs duty structure on import of edible oils will encourage the indigenous cultivation of oilseeds, and also motivate farmers to increase productivity through better packaging of practices and inputs. “There is nothing in the Budget to help increase oilseed production and productivity,” Mr Ashok Sethia, President of the Solvent Extractors Association, said. ‘Establish fund’Both the bodies urged the Government to establish an ‘Oilseeds Development Fund’. “It would have gone a long way in raising the production and productivity; consequently farmers’ income and obviating the need for waiving of the oilseed growers’ loans,” Mr Davish Jain said. “We wanted the Government to declare oil palm as a plantation crop. We also asked for an amendment to facilitate free movement of agricultural produce,” said Mr Sethia. More Stories on : Budget | Oilseeds & Edible Oil
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