SEA Calls for National Mission to Boost Oilseed Production

The SEA has urged the government to launch a national mission to increase oilseed production in the 2024-25 Budget to reduce India's dependence on edible oil imports. They also called for correcting import duty structures disadvantaging local manufacturers and opposed extending a ban on de-oiled rice bran exports.

The edible oils industry body, Solvent Extractors Association of India (SEA), has appealed to the government to prioritize agriculture by launching a national mission to enhance oilseed production in the upcoming 2024-25 Budget, proposing substantial financial support for this initiative.

In its pre-budget memorandum, SEA highlighted the importance of increasing domestic oilseed output to mitigate India’s escalating dependence on costly edible oil imports. The association emphasized that this move is essential for economic stability.

The body also urged the government to address the inverted duty structure on imports of refined oil and finished products like stearic acid, which hampers local manufacturers' competitiveness. Notably, India imports over 60% of its edible oil, making it a major importer globally. Additionally, SEA requested that the government refrain from extending the export ban on de-oiled rice bran beyond July 31, aligning with the new government's inclusion of an 'Oilseed Development Programme' in its 100-day agenda.