Local oilseed crushers want government to raise import duties on edible oils
The Dollar Business Bureau The Indian government is under pressure from the local oilseed crushers to raise the import duties on edible oils after domestic oilseed prices slumped way below the government support levels. Cheap edible oil imports from Malaysia, Brazil, Indonesia and Argentina are crushing the demand of local oilseeds like rapeseed and soybeans while farmers are struggling to compete with them. The prices of local oilseeds slumped to a new low, over the past 14 months due to bumper crop production. Affluent oilseed farmers are pressurising the government to increase the import duties to encourage domestic oilseed cultivation for 2017-18. Davish Jain, Chairman of the Soybean Processors Association while speaking to the press said, “It's high time to do it. The sowing ...
India urges China to remove import duty on oilseeds
The Dollar Business Bureau | @TheDollarBiz The Indian government has urged China to reduce duty on oilseed imports from India under provisions of the Asia-Pacific Trade Agreement (APTA) to help boost exports from India and reduce its trade deficit with China. Despite fluctuations due to weather conditions (over 60 % of production is dependent on rains), India’s oilseed production and exports have increased in the last few years. It is estimated that oilseed production reached a record high of around 328.77 lakh tonnes in FY2013-14. According to the Indian Oilseeds and Produce Export Promotion Council (IOPEPC), total oilseed exports by India surged to around 10 lakh tonnes worth around Rs.7,992 crore in FY2013-14, which is up about 66% and 160% in ...
