SEA seeks import curbs on finished products to protect oleochemical sector
12/02/2024 (Business Standard) - Edible oils industry body SEA on Monday demanded import curbs on finished products, including stearic acid and refined glycerine or impose duty with additional tariff on raw materials to safeguard the domestic industry.
In a representation made to Food and Commerce Minister Piyush Goyal, Mumbai-based Solvent Extractors Association of India (SEA) said: "Domestic oleochemical industry facing severe threat due to large scale import of finished product viz. stearic acid, refined glycerine, soap noodles and oleic acid at nil duty." SEA has requested the government to take immediate steps to safeguard the interests of the domestic industry by taking some measures.
"Imports of finished products like stearic acid, soap noodles, oleic acid and refined glycerine should be placed under restricted items list," it said.
Or else, the government should impose import duty on these products with additional duty of 25 per cent on imported raw material like refined palm stearin, it said.
That apart, the industry body urged the government to allow duty free imports of all required raw materials to oleochemical players having splitting, distillation and hydrogenation plants.