Arun Jaitley’s Budget did not
have any provision to reduce the dependence on imported oil which is a negative
news for the vegetable oil industry. The industry argues
that because of cheap imports, it is harming the domestic industry and at the
other hand imports of vegetable oil has affected the prices of oilseeds.
Prices of oil seeds have come down and the farmers are not getting the fair prices of oil seeds due to this. At present, import duty on crude oil is 12.5 per cent, and on refined vegetable oil it is 20 per cent. According to SEA, the government should increase the difference of import duty between crude oil and vegetable oil from 7.5 per cent to 15 per cent.
Prices of oil seeds have come down and the farmers are not getting the fair prices of oil seeds due to this. At present, import duty on crude oil is 12.5 per cent, and on refined vegetable oil it is 20 per cent. According to SEA, the government should increase the difference of import duty between crude oil and vegetable oil from 7.5 per cent to 15 per cent.
Source:markettimestv
