Palm oil crushes mustard seed market in India

Published 2023년 3월 3일

Tridge summary

The Indian Extractor Manufacturers Association (SEA) has called for an urgent 20% import duty on palm oil to safeguard the national mustard oil market. The association's president, Ajay Jhunjhunwala, has written to the Ministry of Food and Public Distribution and the Ministry of Commerce, highlighting the need to protect mustard oil from competition. This move comes as a response to the catastrophic price cuts faced by mustard farmers due to the free import of palm oil. The surge in palm oil imports has put the Indian vegetable oil industry under pressure, prompting the government to reduce duties and allow free imports, which have now adversely affected the national mustard oil industry.

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Original content

The vegetable oil industry in the country called for the urgent introduction of a 20 percent import duty on palm oil. President of the Indian Extractor Manufacturers Association (SEA), the supreme body of the edible oil industry, Ajay Jhunjhunwala wrote a letter to the secretaries of the Ministry of Food and Public Distribution and the Ministry of Commerce urging immediate intervention to prevent the national mustard oil market from being protected from palm oil competition, reports Stuti Das. in an article on krishijagran.com. Farmers in Rajasthan and Madhya Pradesh, where mustard seed is a major crop, have complained about catastrophic price cuts that have fallen below the minimum support price. The main reason for the decline in the price of mustard seeds is the free import of palm oil, which flooded the domestic market and led to a collapse in the price of mustard seeds. Higher palm oil imports have placed the Indian vegetable oil industry under stress and urgent action needs ...

Source: Agroxxi