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Increase in import duty on Soya bean oil proposed by SOPA

import duty on Soya bean oilTo hike the import duty on soya bean oil and crude soyabean oil , proposed by SOPA ( Soybean Processors Association of India) to 45% and 37.5% and these rates are decided by WTO. The association says it will help to export soybean meal to the Indian Industry, and also reduce the import of the low priced soyabean oil.

SOPA chairman Davish Jain has sent a letter expressing the problems faced by the soybean processing industry to the Prime Minister. In that letter, he also said that because of the low price soyabean oil imports have raised the domestic market is having a terrible time because their prices look more. Only for this, they have lead to the shutdown of many processing units. From Rs. 15000 crores to just Rs. 1500 crores Exports have reduced within four years.

The letter also says, from a mere 10.55 lakh tonnes per annum (average of 2011¬13) to 40 lakh tonnes The burgeoning import of soybean oil which has increased many folds, is also detrimental to the interest of oilseed farming in the country. As our own production of oilseeds may further go down, this will take us toward being totally dependent on imported oil.

Due to foreign exchange outflow, Value of Soybean exports is Rs. 19419 Crores happened while it was at Rs. 6545 Crores in 2012-¬13. Up to Rs. 25664 Crores is the Total impact of increased cheap soy oil import.

To overcome from this time for Soybean Processing Industry, a group of refiners and importers have taken a contrary side and to decrease the duty, they have asked to the govt,

On duty differential, Tariff Commission of Ministry of Finance has decided by a lot of study on all aspects. The cost of refining is safe keeps the attention of oil importers which less than 5% and 7.5% duty differential between crude and refined oil. To the importers, The proposal of a higher differential duty is not reasonable.

But, now when the Soya processing industry is experiencing a success risk in decreasing responsibility and it would destroy it completely. The country will have to solely rely on imports as the farmers will be motivated. As it happened with the pulses, The foreign Importers can increase the prices in that case.

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