Search Result for : Vegetable Oil

Abin Daya the author of 'Basics of Trade: An India Perspective' is a FEMA expert, a career transaction banker, with close to 15 years of experience in corporate and transaction banking, in India. By Abin Daya Well, the effect of that abysmal performance of the core sector had to have some effect on the IIP. IIP numbers have come in at the lowest in 4 months with -1.2% growth. However, the coming months might give us some respite considering the improvement in economic activity during the month of March. And speaking of March, we have got a second consecutive month of double digit export growth during the month, and that has helped us pull off a positive growth in annual export figures after ...

The Dollar Business Bureau  India’s vegetable oil imports increased by 19% to 51.25 lakh tonnes in the first four months of oil year 2015-16 from 42.95 lakh tonnes in the same period of last year, according to the Solvent Extractors’ Association of India (SEA) data.  In February 2016, the imports of vegetable oils grew by 28% to 11.11 lakh tonnes, consisting of 10.94 lakh tonnes of edible oils and 16.50 thousand tonnes of non-edible oils, from 8.68 lakh tonnes a year ago.  “Current stock of edible oils as on March 1, 2016 at various ports is estimated to be at 9.10 lakh tonnes (crude palm oil 3.30 lakh tonnes, RBD palmolein 1.70 lakh tonnes, degummed soybean oil 3.20 lakh tonnes, crude sunflower oil 70 ...

Deepak Kumar| The Dollar Business Bureau  To fulfill the domestic requirements of raw material, the Association said imports of oilseeds, oilcakes and rice bran should be encouraged by reducing the import duty to a reasonable level   To stimulate vegetable oil and oilseeds sector, an industry body has come up with a number of suggestions, such as increasing customs duty on edible oil imports to safeguard farmers’ interest, for the upcoming annual Budget 2016-17. “We have sent the proposals on October 29 to the government and now we are pursuing the matter,” B V Mehta, Executive Director of the Solvent Extractors’ Association (SEA), told The Dollar Business. Domestic production of oilseeds has been declining in the last two years as farmers are ...

Jasleen Kaur | The Dollar Business Maintaining a balance between the interest of consumers and oil seeds growers has become a major challenge for the government as any hike in import duty on edible oils may lead to inflation amid increased buying due to festive season. Oil seeds growers are in favour of increased import duty to promote domestic production “but any such move may raise the risk of retail inflation”, the ASSOCHAM said in a study. Oil seed production in India declined from 32.7 million in 2013-14 to 26 million tonnes in the last financial year when the country spent $10 billion on the import of vegetable oil. And this year, the study said, the import bill is going to ...

Deepak Kumar | The Dollar Business Even as the Indian edible oil processing industry is largely dependent on imports, the country’s oil seeds crop is estimated to decline further to about 126.10 lakh tonnes during the current kharif season, lower than 141.15 lakh tonnes produced last season. Total oil seeds trade during 2015-16 is projected to be 240.85 lakh tonnes, down almost 10% from 266.85 lakh tonnes during the previous fiscal. Vegetable oil yield from kharif oil seeds crops and other sources is estimated to be around 50.95 lakh tones, slightly lower than 53.57 lakh tonnes produced a year ago. Industry experts attributed this decline to an uncompetitive domestic market and sought government’s active support in encouraging farmers to boost domestic ...

Deepak Kumar | The Dollar Business Distressed over India’s growing dependence on edible oil imports, the industry on Monday urged the government to introduce separate import duty structure on vegetable oil and crude oil to curb its inbound shipments. “International oil prices have fallen, and we find it cheap to import oil from other countries. The government had slightly increased duty on vegetable oil imports, but the quantum of increase wasn’t sufficient. We had presented the government a different import duty structure on vegetable oil and crude oil, in which import duty on vegetable oil should have been 15% higher than that on crude oil,” Y M Mogul, Deputy Secretary of the Solvent Extractors’ Association of India, told The Dollar Business. ...

Deepak Kumar | The Dollar Business Indian edible oil industry has expressed hope that an increase of import duty on the inward shipments of vegetable oil will curb its surging imports and protect the interest of the domestic oil industry. Earlier, the Union ministries as well as the oil industry had requested the Ministry of Finance to hike import duty on edible oil to reduce its imports. Congress leader Ahmed Patel urged Finance Minister Arun Jaitely to increase duty on both crude and refined vegetable oils imports and also to announce a policy to encourage domestic production. “We had requested the government to increase the import duty on edible oil because the recent surge in imports has been discouraging for the ...

Sai Nikesh | The Dollar Business The Union Ministry of Agriculture has proposed an increase in import duty on crude and refined edible oils to protect the domestic industry. The move came after the solvent industry body asked the government to protect farmers' interest and ensure a level-playing field for the domestic oilseed processors. “As a remedy to the current situation and to ensure that the farmer get remunerative price for his produce in ensuing kharif harvesting, we would strongly appeal to the government to immediately increase import duty on crude vegetable oils from 7.5% to 25% and refined vegetable oils from 15% to 45%, an official of the Solvent Extractors’ Association of India (SEA) told The Dollar Business. According to ...