The Solvent Extractors Association of India (SEA) said that the government needs to cap import of refined Palm Oil or Palmolein oil in India around 50,000 tons per month this year. The main aim is to protect our local refiners, oil seed growers and traders etc.
in this regards SEA also prepared a blueprint representation and share with Commerce and Industry Minister House. The government had urged restrictions on imports of refined edible oil such as Palm or Palmolien oil because of Malaysia’s government’s criticism on the CAA (Citizenship Amendment Act) that’s the law on new citizenship and Article 370 Kashmir issue.That’s why the government imposes restriction on palm oil import after Malaysia’s criticism of Mr. PM Modi’s action.
Did you know? India is the largest edible oil importer in the world and there are around 15 million of tones edible oil imported yearly. Indonesia and Malaysia are these two countries supply palm or Palmolein oil to India mostly as of now. Palmolein is a liquid form of palm oil and that is used in cooking basically.Last week the government told palm oil refiners and traders not to buy palm oil from Malaysia.
To keep an eye on this situation, the government’s main objective of putting import of edible oil such as palm oil into restricted category and that is shown as a negative point for local refiners, traders and oil seeds growers. However, in order to avoid this scenario, the president of SEA President said that the government should cap import of these commodities around 50,000 tons per month from other countries as soon as possible.
However Indian refiners were struggling from many times to survive and hope this ban on refined palm oil imports will definitely help refiners, local farmers, traders by creating new job and accelerate in their business. Corpiness WTR provides updated Import Export data worldwide for any kinds of business for more information browse our website on www.corpiness.com/worldtradereport.