'SEA' hopes to get budgetary support for increasing oilseed production

21-Jun-2024 03:03 PM

Mumbai. Solvent Extractors Association of India (SEA) hopes that in the upcoming Union Budget, the government will focus on the development and progress of the agriculture sector and especially on increasing the production of pulses and oilseeds.

A "National Mission on Edible Oils" can be launched with adequate financial support to increase the production of oilseeds. By increasing the availability of edible oils from indigenous sources, dependence on its import from abroad can be reduced.

According to the president of the association, the new central government has also included the "Oilseed Development Program" in its 100-day agenda,

which seems to indicate that some new schemes can be started to increase the production of oilseed oil. The Prime Minister himself has stressed on the need to increase oilseed production to reduce the country's dependence on the import of edible oils.

At present, dependence on the import of edible oils has increased to 60 percent and a huge amount of money is spent on its import.

According to the president, the association has prepared a pre-budget memorandum, which emphasizes the need to correct or rectify the inverted duty structure on the import of finished products,

especially refined edible oil stearic acid, refined glycerin, soap noodles and olein acid used by the soap industry.

'SEA' has suggested the government to remove the ban on the export of de-oiled rice bran and impose 5 percent GST on it to prevent its misuse.

It is worth mentioning that the government had banned the export of rice bran extraction on 28 July 2023. Earlier its deadline was fixed till 31 March 2024 but later it was extended to 31 July 2024. Due to this, the producers, especially from Bengal, are suffering huge financial losses.