The oil and oilseeds industry had today met the finance minister to discuss various problems faced by the solvent extraction industry in particular and the shortage of edible oils in the country in general.

The industry also presented its pre-budget memorandum to the minister.

"We told the finance minister that full utilisation of the edible oil manufacturing capacities, besides promoting value addition, would also provide vast employment in the country," executive director of the Central Organisation for Oil Industry and Trade (COOIT), KML Chhabra said.

Chairman of Soyabean Processors Association of India, Girija Shankar Sharma said he had requested the finance minister to allow duty free import of soyabean without any"extraordinary conditions" attached to it.

The additional oil produced would save precious foreign exchange for the country, he added.

The president of Solvent Extractors Association (SEA) of India Ajay Tandon said: "We have suggested that suitable policies would have to be drafted for increasing oilseeds output in the country".

According to SEA, executive director, BV Mehta, the minister has assured that the government will look into the problems faced by the domestic oilseeds processing inudstry and particularly stressed for self-sufficiency in vegetable oil requirement. According to SEA executive director, BV Mehta: "The minister has assured that the government will look into the problems faced by the domestic oilseeds processing industry and particularly stressed for self-sufficiency in vegetable oil requirements in the country.

Further, Sinha conveyed that the government would ensure and encourage full exploitation of non-traditional souces (for edible oils) like rice bran, minor oilseeds,cottonseed and oilcakes to augment the production of vegetable oils in the country and bridge the gap between demand and supply.

In its pre-budget memorandum, SEA has urged the finance minister to reintroduce money credit scheme for usage of non-traditional oils in soap manufacturing, restore exemption for food grade hexane, soap stocka and acid oils from excise duty. Tandon also appealed to the minister to take immediate rescue measures to save the domestic vegetable oil industry from collapse as it is passing through very critical stage.