Commodity Online
NEW DELHI: The Solvent Extractors Association of India (SEA) in its Pre-budget Memorandum for Vegetable Oil & Oilseed Sector for 2009-10, has urged the government to reinstate the custom duty on edible oils to source fund for Oilseeds and Oil Development.

It also asked to encourage private sector involvement in oilseed Extension Programme to supplement Government's efforts.

SEA pointed out that last year during November, 2007 to October, 2008 (2007-08) country imported 56 lakh tonnes of edible oil worth Rs.24, 000 crores. In the current year, the import is likely to surge to the record level of 75 lakh tonnes and the value would be about Rs. 20,000 crores, a huge burden on exchequer.



Hence, it is very essential to increase the availability of vegetable oils from domestic resources by encouraging diversification, increasing productivity and fullest exploitation of non-traditional domestic sources, it said.

This will go a long way in increasing oilseeds production and productivity in the country. SEA of India has also pleaded to grant general exemption to vegetable oil refining industry from excise duty on by- products and value addition in rice bran processing.

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