SEA said that any policy change to bring down edible oil prices by lowering import duty would send a wrong signal to oilseed farmers as the prices had moved up globally in line with other commodities due to the massive infusion of liquidity in the economies by various governments.
It said that for far too long, the government has kept edible oil prices very low in the country, which has discouraged oilseed farmers, thereby increasing import dependence up to about 70 per cent.
"This price rise will encourage the oilseed farmer to increase acreage and adopt better farm practices," SEA had said.
Latest data shows that sowing of mustard, which is the main oilseed grown during the rabi season has been completed in around 5.22 million hectares of land till November 20, this year, which is 8.83 per cent more than the same period last year.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.