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BUDGET

Budget paid no heed to edible oil mission demand, rue traders
Wednesday, 15 February, 2023, 08 : 00 AM [IST]
Ashwani Maindola, New Delhi
The Edible Oil Traders Confederation has stated that the Union Budget, which was presented on Feb 1 and was expected to get Parliament’s nod later next month, did not pay heed to demands such as introduction of National Edible Oil Mission.

“The Budget did disappoint the edible oil industry. We’re expecting the Government to announce ‘National Edible Oil Mission’ focussing on increasing domestic oil production but there wasn’t any announcement for the same,” said Shankar Thakkar, president of the confederation.

He added that the traders have been reaching out to the government on several occasions demanding to curb the excessive edible oil import, which has gone up to Rs 1 lakh crore thereby adding to the trade deficit of India.

“If the Government would have announced the edible oil mission in this year’s budgetary provisions, there would have been a 30-40% reduction in edible oil import by 2026. Presently India imports nearly 65% of our domestic edible oil consumption,” added Thakkar.

Further, Tarun Jain, secretary-general of the confederation, added that the import of edible oil in such a large quantity would hamper the ‘Atmanirbhar Bharat Abhiyan (self-reliant India project introduced by the Government of India). "Similarly the Government remained silent on simplification of the GST regime, ignoring the demands of the traders," he said.
 
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