SEA Calls for Action on Edible Oils and Imports Regulation

The Solvent Extractors Association of India (SEA) has recommended the regulation of refined edible oil imports, duty restrictions on finished product imports, and a 5% GST on de-oiled rice bran. SEA emphasizes the need for government investment in domestic oilseed production and industry modernization to reduce dependency on imports.

The Solvent Extractors Association of India (SEA) has called on the government to implement strict regulations on the import of refined edible oils. In a memorandum delivered ahead of the national budget, SEA urged the imposition of restrictions on duty-free imports of finished products like soaps and noodles. Additionally, it called for the introduction of a 5% Goods and Services Tax (GST) on de-oiled rice bran.

SEA's memorandum to Finance Minister Nirmala Sitharaman highlighted the need for a 'National Mission on Edible Oils' to boost domestic oilseed production and lessen dependency on imports. The association proposed a minimum spending plan of Rs 25,000 crore over the next five years, a significant increase from the current Rs 10,000 crore allocation. The goal is to curb import reliance from 65% to 25-30% by 2029-30.

Expressing alarm over the increased import of refined palm oil, SEA noted that the domestic refining industry is operating at low capacity due to cheaper alternatives from Indonesia and Malaysia. The association has also demanded higher import duties on various oils and curbing large-scale imports of products like soaps from Southeast Asian nations. SEA further called for uniform duties on crude oils and support for oleochemical players.

(With inputs from agencies.)