Budget neglected edible oil security of the country: Cooking oil industry
01/02/2023 (Economic Times) - The cooking oil industry is disappointed as the budget did not accept the demand of the industry to launch a National Mission on Edible Oils. No announcement about import duty on refined palm oil to restrict its import was also a disappointment for the industry.
“Our Association had been constantly representing to the Government that our edible oil imports are skyrocketing and seriously compromising edible oil security of the Nation needing urgent policy intervention and was expecting an announcement of launching of National Mission on Edible Oils. Disappointingly, the budget was silent on that front,” said the Solvent Extractors’ Association in a release.
Atul Chaturvedi, executive chairman, Shree Renuka Sugars said, “No announcement of road map for National Oilseed mission is a bit of a dampener for the Vegetable Oil sector as our edible oil security continues to be heavily compromised. For Sugar and Edible oil sector, this budget is a non-event as the Finance Minister has not tinkered with duties. Edible Oil refining industry was demanding restrictions on Refined Palmolien imports. Nothing has been announced on that front."
SEA said: “The Agri Accelerator Fund is a good step, it will help young entrepreneurs navigate government regulations and connect all stakeholders in the farm supply chain and network. It may prove to be a game changer in addressing chronic problems in India’s agri value chains.”
Speaking about green growth, SEA said. “Castor meal and Neem seed meal are best organic fertilizers for natural farming and will boost their consumption and thereby support domestic farmers growing castor seed and tribals collecting neem seed. This will also support domestic crushing industry through better availability of raw material and demand.”
Reduction of import duty on crude glycerine from 7.5% to 2.5% which is expected to help domestic glycerine refining industry. “The reduction of import duty from 15% to 5% on minerals and vitamin pre-mixes will encourage manufacture of aquatic feed in the country,” said SEA.