SEA Urges Government to Hike Palm Oil Import Duty to Shield Domestic Players

The Solvent Extractors' Association of India (SEA) has called on the government to raise import duty on refined palm oil from 32.5% to 40% to support domestic processors. SEA President Sanjeev Asthana stressed the negative impact of foreign imports on local industries, urging a level playing field.

The Solvent Extractors' Association of India (SEA) is urging the government to increase the import duty on refined palm oil from 32.5% to 40%, in an effort to protect local processing industries.

SEA President Sanjeev Asthana has approached Union Food and Consumer Affairs Minister Pralhad Joshi with a formal request, highlighting the financial strain the domestic industry faces due to cheaper imported palmolein. Asthana believes that the disparity in duties between crude and refined palm oil is contrary to national economic interests.

The recent changes in basic customs duty mark a significant shift, with duties on crude oils such as soybean, palm, and sunflower increased from 0% to 20%, affecting both refined and crude oil sectors. Notably, over 50% of India's edible oil needs are met through imports.

(With inputs from agencies.)