Talking to newspersons here on the occasion of 21st All India Seminar on Rabi Oil Seeds Crops held at Gandhinagar, Shah said it was after a gap of over three decades that future trading in these commodities was introduced to bring vibrancy in the market.

But, he was highly critical of big corporates like Mahindra & Mahindra, ICICI and Punjab Agro-Industries intending to setup a parallel National Commodities Exchange (NCE), even before BOOE could earnestly take off. He also sought a 5 year freeze on NCE, lest there would be duplication and clash of interests. BOOE had already initiated a move to form a national confederation of leading commodity exchanges such as those in Ahmedabad, Indore and Kanpur.

However, Solvent Extractors' Association of India (SEA) president Sandeep Bajoria is more optimist and felt that the BOOE could go in for online trading much earlier and irrespective of the constitution of NCC. After all, he said, the utility of an exchange would depend on traders taking physical positions. In addition, he said, it would also require huge infrastructure like warehouses, certification, grading and other formalities, besides practical experience to run a commodity exchange.

Meanwhile, Central Organisation for Oil Industry & Trade (COOIT) president Govindlal G Patel has urged the finance minister to raise import duty on refined edible oils to 40 per cent from the present 25 per cent, keeping in view long-term interest of consumers, farmers and the industry.

He suggested that a part of Rs 800 crores is expected to be generated through increased duty be ploughed back on almost defunct Technology Mission on Oilseeds (TMO). He recalled that TMO set up in early 1990's did precious little to increase the oilseeds yields in the country, which is one of the lowest in the world. Once self-sufficient, the oilseeds production has increased from 180.3 lakh tonnes in 1988-89 to 253 lakh tonnes in 1998-99, the imports have risen from 4.5 lakh tonnes to 43.9 lakh tonnes over the same period. It was about time India paid serious attention to increasing oilseeds output.

Patel said the depressed international market has resulted in average monthly prices of edible oils falling to $342 (RBD Palmolein) $420 (Sunflower) and $403 (Soyabean) in January 2000, as compared to $6,37,569 and $572 in January 1999.

Even though this was a temporary phenomenon has , it has helped end-users in the country. In the worst years, he warned, the same exporting countries might force India to buy the commodity at $1,000.

The biennial seminar has been organised by the apex body of oil and oilseeds, COOIT, jointly with Ahmedabad Oil & Oilseeds Brokers Association and North Gujarat Oilseeds Traders Association.

The seminar discussed issues like high import duty, subsidies and future strategy and role of the trade and industry in building a strong oilseeds and edible oil base for the country. SEA is also planning to put up complete crop estimate data on its website, which is accessible at .