Win US$10,000 from Prudential www.prudentialasia.com/contest.htm

Express Properties

Search Button

The Indian Express

The Financial Express

Latest News

EIW

Market Indicators

Screen

Celebrity Chat

Express Computers

Express Power

Advertisers Forum

Express Careers

Business Forum

Match Maker

Express Properties

Palki - Travel & Tours

Information Technology

Astrosurf

Eco-India

Dr Know

Morning Digest

Graffiti

Crossword

Drumbeat: Ad Buzzaar


Politics

Business

Expressions

General

World

Sports

Leisure

States

 

Thursday, August 13, 1998

Govt all set to clear soyabean import

ENS ECONOMIC BUREAU  
NEW DELHI, Aug 12: The Government is all set to give the go ahead for the import of around one million tonne of soyabean. A decision to this effect was recently taken by the Committee of Secretaries (CoS).

According to sources, this decision has been taken despite opposition from farm scientists and other Agriculture Ministry officials many of whom feared that genetically modified seeds might be imported.

In June, senior Agriculture Ministry officials had told The Indian Express that import would only be allowed if it was economically viable. Of late, there has been tremendous pressure on the Government to allow imports as the prices of edible oil have shot up.

In order to safeguard against new diseases, the imports will have to be done in split or crushed form so that the soyabean is not used as seeds.

Early this week the Solvent Extractors' Association of India had urged the Centre to allow imports of oilseeds and oil-bearing material under open general licence (OGL) to meet the domesticdemand for edible oils. A delegation of the association met the Union Ministers for Civil Supplies and Finance recently and apprised them of the problems being faced by the industry.

Their main argument is that the indigenous oilseeds production is insufficient to meet the domestic demand for edible oils which is growing at a steady six-per cent per annum rate.

Though imports of edible oils are allowed freely, it is insufficient to maintain price level and to augment availability. The policy also puts indigenous processing industry at a disadvantageous position.

The delegation told the ministers that the industry had been operating at 33 per cent capacity because of stagnating oilseed crop and mounting imports of oils. The weather imbalance due to El Nino and currency crisis in the South East Asia have also harmed the industry.

Besides, the recent cyclone in Kandla and Jamnagar in Gujarat also caused severe losses to the industry.

Given the decision by the CoS, the Director General of Foreign Trade(DGFT) will soon notify the import.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


Top


Sardar Sarovar Narmada Nigam Ltd.

Bank of India

Astrosurf
 

Click here for a printer-friendly page Printer-friendly page

Suresh Chand Jain & Sons: Realtors for New Delhi & Gurgaon


The Indian Express  |  The Financial Express  |  Latest News
Screen  |  Express Investment Week  |  Market Indicators  |  Express Computers
Astrosurf  |  Eco-India  |  Travel & Tourism  |  Information Technology  |  Drumbeat: Ad Buzzaar
Advertisers Forum  |  Career India  |  Business Forum  |  Match Maker  |  Express Properties