Demand for
lowering duty on imported oilseeds, oilcakes
In order
to improve availability of raw material and capacity utilisation, the Indian oil
extraction industry asked the commerce ministry to lower the duty on imported oilseeds and
oilcakes. Taking into account three years back oil exports, it was dropped by 47% in
value.
The
proposal to ministry official stated that the duty on sunflower seed ought to be lowered
from 44.04 per cent to 15 per cent, while the duty on rice bran and oilcake ought to be
brought down from 44.04 per cent to 5 per cent, with exemption from the special additional
duty of 4 per cent.
The
industry suggested that 15% duty may be raised to prevent crash in prices of domestic
oilseeds and impose the actual users condition on import to prevent excessive oilseeds
import by traders.
The
production of oilmeal from imported seeds would check the rising price of oilcake/meal in
the domestic market and would help the domestic livestock industry to avail feed at a
reasonable price. Continuous supply of oilmeal in our regular export market will ensure
that India is a dependable source for oil meal supply in the world market, as stated. |
