Oilseed Production Push: SEA Urges Govt Action in 2024 Budget

New Delhi, Jun 20 (PTI) Edible oils industry body SEA has urged the government to prioritise agriculture and launch a national mission with adequate financial support to boost oilseed production in the upcoming 2024-25 Budget.

In a pre-budget memorandum, the Solvent Extractors Association of India (SEA) said increasing domestic oilseed output was crucial to reducing India's rising dependence on expensive imports of edible oils.

The body also demanded the correction of an inverted duty structure on imports of refined oil and finished products like stearic acid that put local manufacturers at a disadvantage.

India meets over 60 per cent of its edible oil demand through imports, making it one of the world's biggest importers.

SEA also asked the government to not extend a ban on exports of de-oiled rice bran beyond July 31. The new government has included an "Oilseed Development Programme" in its first 100-day agenda.