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Mr Davish Jain, President, The Central Organisation for Oil Industry & Trade (COOIT) said the Budget has no concrete steps to achieve four per cent growth in agriculture. The serious problem of stagnating productivity of oilseeds has not been addressed and the persistent and justifiable demand of levying Customs duty on edible oils, particularly cheap palm oil has been totally ignored. The unbridled cheap import of edible oil at zero duty is highly discouraging to th e farmers and will affect the domestic oilseeds production as high imports of cheap edible oil is a disincentive to the farmers, while helping the foreign suppliers. The industry’s demand for establishment of an Oilseeds Development Fund, which can be easily funded by putting aside a part of the customs revenue from edible oil imports, has once again been left unheard.

More Stories on : Budget | Oilseeds & Edible Oil

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