SOPA Urges Duty Hike to Revitalize India's Oilseed Economy

The Soybean Processors' Association of India has requested the government to increase import duty on edible oils by 10% to protect farmers from low domestic prices. SOPA Chairman Davish Jain highlights the impact on oilseed cultivation and calls for measures to ensure fair returns and boost production.

The Soybean Processors' Association of India (SOPA) is calling on the government to hike import duty on edible oils by at least 10 percent. This request aims to shield domestic farmers from the low prices discouraging oilseed cultivation, as explained by SOPA Chairman Davish Jain.

The organization has reached out to Agriculture Minister Shivraj Singh Chouhan, expressing concerns that inexpensive imports and reduced domestic oilseed prices are leading farmers away from cultivation. Jain argues that modifying the customs duty structure could boost farmer confidence and increase production.

Currently, soybean prices have dipped below the minimum support price, prompting government procurement. SOPA notes that continued low prices undermine inflation and argue for a policy shift to levitate the oilseed economy, balancing consumer interests with fair farmer returns.