The cooking oil industry is let down by the budget this year as the finance minister did not accept the industry’s demand to launch a National Mission on Edible Oils. Alongside, there was no announcement about imposing import duties on refined palm oil to restrict its import, and this has literally dissatisfied the industry.
According to the Solvent Extractors’ Association, they have been constantly representing to the government that edible oil imports are skyrocketing and seriously compromising the edible oil security of the nation, needing urgent policy intervention, and were expecting the announcement of the launch of the National Mission on Edible Oils.
There has been no talk on the road map for the National Oilseed Mission, and this has been a dampener for the vegetable oil sector as India’s edible oil security continues to be heavily compromised. For the sugar and edible oil sectors, this budget is a non-event as the finance minister has not tinkered with duties. The edible oil refining industry was demanding restrictions on refined palm oil imports. Nothing has been announced on that front.
SEA praised the Agri Accelerator for assisting young entrepreneurs in navigating government regulations and connecting all stakeholders in the farm supply chain and network. It may prove to be a game changer in addressing chronic problems in India’s agri-value chains.