Oilseed imports zoom 226% in four years, exports dip 14%
The Hindu Business Line July 20,2020 India is seen importing oilseeds more aggressively than exporting it. As per the government data for past four years, oilseeds imports to India have jumped 226 per cent as against 14 per cent dip in exports. Data from the Directorate General of Foreign Trade (DGFT), as compiled by the Solvent Extractors’ Association of India (SEA), showed that during 2019-20, India exported 1,068,215 tonnes of oilseeds worth ₹ 9,391 crore against 1,247,572 tonnes worth ₹ 9,060 crore in 2016-17. On the other hand, India imported 520,871 tonnes of oilseeds for 2019-20 valued at ₹ 2,838 crore as against 159,330 tonnes worth ₹ 758 crore in 2016-17. The SEA informed that under the current policy, export of oilseeds are freely allowed. Similarly, import is also freely allowed with import duty of 30 per cent + 4 per cent special additional duty (SAD). “Import of oilseed, a raw material for domestic oil milling and solvent extracti...