Banning imports

 
Last Updated: Saturday 04 July 2015

the Union government is considering banning import of edible oils made from genetically modified (GM) soyabean and other seeds, said Union agriculture minister Nitish Kumar. He said that this measure will help in curbing dumping by some countries, which has adversely affected the Indian farmers. These countries resort to dumping by taking undue advantage of the low World Trade Organisation rate of 45 per cent duty for imported soyabean and rapeseed oils. A much higher duty of up to 30 per cent has been imposed on the import of all other oils. The minister said that much of the soyabean oil coming from abroad was from GM seeds. He said the low duty rate for soyabean and rapeseed oils was responsible for upsetting the edible oil import structure, depressing the domestic market and impoverishing the domestic oilseed producers.

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