Government's decision to increase import duty on oilseed mission and edible oils is very important - Davis Jain

15-Oct-2024 07:17 PM

Indore. Addressing the two-day 7th International Soya Conclave organized by Soybean Processors Association of India (SOPA) in Indore on 14-15 October 2024, SOPA Chairman and well-known edible oil industry analyst Dr. Davis Jain said that two important decisions have been taken by the Central Government in recent times, which will help in increasing the production of oilseeds-oils in the domestic sector, ensuring fair returns to farmers and reducing the import of edible oils.

The government has increased the import duty on crude and refined edible oils by 20 percentage points and announced the launch of the National Oilseeds-Oil Mission.

This is a visionary and practical decision of the government and by the year 2030, India will be able to meet 65-70 percent of its edible oil needs from indigenous sources.

This will also save valuable foreign exchange. Both these demands were being raised by SOPA for a long time and it is a matter of happiness that finally the government accepted it in the interest of the country and the farmers.

This decision clearly indicates the government's commitment to protect the interests of oilseed producers and crushers-processors.

When the current Union Agriculture Minister Shivraj Singh Chauhan was the Chief Minister of Madhya Pradesh, he took many steps for the welfare of farmers.

The National Oilseeds-Oil Mission can prove to be a milestone in increasing the production of oilseeds and edible oils in the domestic sector.

The government can increase the domestic production of oilseeds to 697 lakh tonnes by 2030-31. Increasing the production of oilseeds will not only reduce the import of edible oil but will also make it possible to increase the export of oil mills,

which will increase foreign exchange earnings. SOPA has always been fighting for the protection of the interests of soybean producers and processors.