SOPA Chairman hails hike in MSP on Soybean; asks Government to link edible oil customs duty with MSP

Indore (Team Newsbuddy): Dr. Davish Jain, Chairman of the Soybean Processors Association of India (SOPA), has hailed the Indian Government’s decision to increase the Minimum Support Price (MSP) for soybean and other oilseeds. Dr. Jain emphasized that while the hike in MSP is a welcome step for farmers, sustaining the viability of purchasing soybeans at this price could be challenging if the customs duty on edible oils remains unchanged. In case the Government can’t raise the Duty structure on EdibleOils then Bhaavantar scheme could be introduced to balance the domestic Oilseeds MSP compensation to the farmers.

To address this concern, Dr. Jain proposed that the Indian government should link the customs duty and agricultural cess on edible oils with the MSP, ensuring that soybean prices stay above the support level. He also urged for the swift implementation of the National Mission on Edible Oil, aiming to boost oilseed production in India to at least 55 million tons annually.

In a recent letter to the Union Agriculture Minister, Dr. Jain expressed deep concerns about the negative impact of increased edible oil imports on the domestic oilseeds and edible oils industry, primarily due to lower customs duties. He called for a substantial increase in customs duties and agricultural cess on imported edible oils. This move, he argued, would promote domestic oilseed production, incentivize farmers to cultivate more oilseeds, and help India achieve self-sufficiency in edible oils and oilseeds.