Edible oils industry body Solvent Extractors Association of India urged the government to prioritise agriculture and launch a national mission with adequate financial support to boost oilseed production in the upcoming Budget 2024-25.
Increasing domestic oilseed output was key in reducing India's rising dependence on expensive imports of edible oils, SEAI said in a pre-budget memorandum.
The body also demanded the correction of an inverted duty structure on imports of refined oil and finished products like stearic acid that put local manufacturers at a disadvantage.
India meets over 60% of its edible oil demand through imports, making it one of the world's biggest importers.
SEAI also asked the government to not extend a ban on exports of de-oiled rice bran beyond July 31. The new government has included an 'Oilseed Development Programme' in its first 100-day agenda.
(With inputs from PTI.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
