Search Result for : Vegetable Oil Imports

By Abin Daya The first round of returns filing for GST has happened, and businesses are slowly getting a hang of the processes, and are also understanding the tax better. Much work still needs to be done, and it will take at least two quarters, if not more before we can say that we have become comfortable with it, and it is business as usual again! In the meantime, though, despite a good monsoon, aggregate acreage under cultivation is falling, particularly for food-grains. While the bumper harvest of last year should provide some relief, we will need to do much more to meet our ever-growing demand. The kharif acreage is one of the topics that we deal with this week. Under the same ...

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 ...

The Dollar Business Bureau India had imported 7,36,036 tonnes of palm oil in April 2017. It is one of the leading buyers of vegetable oils in the world. Its total vegetable oil import increased by 7% to 13,39,489 tonnes in April this year, from 12,48,887 tonnes of the previous year. According to the industry body, Solvent Extractors Association (SEA), in April India’s palm oil imports rose 2.25% to 7,52,632 tonnes due to higher shipment of crude palm oil. Of the total oils imported into India palm oils take up 62% of the share. In the first half of the year vegetable oils imports declined to 43,02135 tonnes from 43,40,890 tonnes imported the previous year. SEA says the difference in the landed price between ...

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 ...

The Dollar Business Bureau    India’s vegetable oil imports grew by 24.77% to 1.41 million tonnes in December 2015 as compared to 1.13 million tonnes in December 2014, according to the latest report by the Solvent Extractors’ Association. The country imported 1.40 million tonnes of edible oil and 11.47 thousand tonnes of non-edible oil during the month. Overall import of vegetable oil during first two months of oil year 2015-16, i.e. November and December 2015, increased by 18% to 2.76 million tonnes from 2.33 million tonnes during the corresponding period of previous oil year. “It is a well-known fact that globally the prices of edible oil are historically low since 2008, and has affected the domestic players,” the Solvent Extractors’ Association (SEA) ...

The Dollar Business Bureau India’s dependence on vegetable oil imports has gone up by more than 70% during the current fiscal   Vegetable oil imports in the oil year 2014-15 surged by 23.64% as shipments of palm products as well as soft oils like soybean, sunflower and rapeseed (canola) grew by a record margin.  During the previous oil year (November 2014 to October 2015), imports of edible oil and non-edible oil increased to 146.1 lakh tonnes from 118.2 lakh tonnes in the oil year 2013-14.  Last month, vegetable oil imports reached 16.7 lakh tonnes - the highest in a single month since allowed in OGL (Oil and Gas Lease) in 1994, up 34% from about 12.47 tonnes in October 2014.  Similarly, ...

Dated 24th December, 2014 | Notification no. 34 /2014-Customs | G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012- Customs, dated the 17th March, 2012 which was published in the Gazette of India, Extraordinary, vide G.S.R. 185(E), dated the 17th March, 2012, namely:- In the said notification, in the Table,- (i)  against S.No.51, for the entries occurring in column (4) against clauses (A), (B) and (C) ...