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The Oil Palm Developers and Processors Association (OPDPA), an association of oil palm firms, has welcomed the Union government’s move to increase import duties on palm oil. The government raised the import duty to 15 per cent from 7.5 per cent and on refined palm oil to 25 per cent from 15 per cent.
“The impact of the increase on crude Palm Oil alone translates to around ₹40-60 crore extra in the hands of the farmer,” said OPDPA President Sanjay Goenka.
The industry for long is asking the government to help promote domestic production by offering incentives to farmers. In order to incentivise the farmers, it wanted some protection from imports.
The duty hike would help farmers to get a remunerative price for their produce and help the domestic processing industry remain self-sufficient, he felt.
He wanted the government to take measures to insulate the farmers from price fluctuations.
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