Clearance of imported oilseed is a must: HCCI
Oil is extracted from oil seed crops. PHOTO: FILE
“The government’s reluctance to allow clearance of imported soybean oilseed at the port may trigger a shortage and price hike of edible oil, chicken and milk,” said Hyderabad Chamber of Commerce and Industry (HCCI) President, Adeel Ahmed Siddiqui on Saturday.
Customs authorities have not given clearance for the oilseed as it has been tagged as a genetically modified object (GMO).
In a statement issued on Saturday the HCCI president said, “The solvent industry is dependent on the oilseed import for the production of edible oil.”
He warned that if the consignments of some 300,000 tonnes are kept lying at the port, there will be serious implications for the economy.
“The oilseed is also utilised to make feed for the cattle and poultry industries. The solvent industry produces edible oil and its oilcake goes into the production of the feed for livestock and poultry,” he said.
“Ever since the oil industry was established, it started importing oilseed from abroad. In the next few days, it may trigger a crisis as the cost of a bag of poultry feed has already gone up to Rs1000,” warned Siddiqui.
He noted that “some ships had brought a consignment of 300,000 tonnes of soybean oilseed but the customs intelligence considered the oilseed to be GMO and stopped its clearance. The consignment was imported in 2021-22 after the developed world revolutionised the agriculture sector through GMO, thereby increasing agricultural productivity by tenfolds.”
Published in The Express Tribune, November 27th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.