Mumbai: Edible oil industry has urged the government to lift the ban on edible oil exports, saying the move will distroy the Indian market overseas.
“The exports of edible oils constitutes very small fraction of country’s total production and consumption of 130 lakh tonnes. These value-added products fetches much higher prices against which double the quantity of edible oil can be imported. The ban has sent negative signals in the global markets and the niche markets developed over the years with great efforts will be lost in no time,” SEA President, Ashok Sethia said in a statement.
“I request the government to reconsider the decision and allow the exports of edible oils,” Sethia said.
India traditionally exports small volume of premium oils like coconut, sesame, mustard and groundnut either in consumer packs or in bulk to cater to expats population and the quantity may not be over 10,000 tonnes per annum, barring export of groundnut oil occassionally when the International market is favourable.
Earlier this month, the government banned the exports of all edible oils, as a move to increase domestic supply and check rising prices.
The Association had represented this matter for lifting the ban on exports of edible oils & castor oil and subsequently prominent members of the Association had series of meetings with Commerce Minister Kamal Nath, and had pleaded to lift the ban on exports of edible oils.