The country's vegetable oil imports will rise 19 per cent to 14 million tonnes this marketing year ending October 30, an industry body said on Monday, after weak monsoon rains late last year hit output of rapeseed and other oilseeds.
Pravin S. Lunkad, president of the Solvent Extractors' Association of India, also said the government should lower the import duty on oilseeds to 5-10 per cent from 30 per cent currently so that under-utilised crushing plants in India can revive their business.
Indian oilseed crushers have been forced to use a fraction of their capacity as the domestic market stays awash with cheap rival palm oil from top producers in Malaysia and Indonesia.
Source : The Hindu Business Line
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