The Solvent Extractors’ Association of India (SEA) has recently urged the Centre to procure soyabean at the Minimum Support Price (MSP) and build buffer stocks to support soyabean farmers facing hardships due to low market prices. The SEA emphasized the importance of timely government intervention in procuring soyabean at MSP and stocking it to prevent farmers from shifting to alternative crops in the next kharif season.
In addition, the SEA recommended the reintroduction of the ‘Bhavantar Bhugtan Yojana’ for soyabean and suggested maintaining the current import duty on edible oils to boost domestic production. The association also stressed the need for the introduction of futures trading in the vegetable oil complex, which has been suspended since December 2021.
The SEA highlighted the impact of Indonesia’s B40 program on the global prices of crude palm oil (CPO) and its implications for India’s palm oil imports. The implementation of the B40 program is expected to increase demand for soyabean and sunflower oils in India, leading to a rise in their imports.
Overall, the SEA’s recommendations and concerns reflect the challenges faced by soyabean farmers and the importance of government support in ensuring their welfare and the stability of the edible oil market. It is crucial for policymakers to consider these issues and take appropriate measures to address them effectively.