BV Mehta, Executive Director of SEA, said that adding value within India should be the main focus of the country and that exports of raw materials (castor beans) should be discouraged.
The Solvent Extractors Association of India (SEA) has alleged that China has been trying to buy castor beans in a big way in India. “Over the past few months, China has been aggressively buying raw materials to bolster its state reserves. We understand that they are also aiming to buy large quantities of castor seeds from India. Traditionally, China buys castor oil and its derivatives from India, but this new interest in seeking to buy castor seeds has enormous ramifications for our national industry, ”the association declared in a letter to Piyush Goyal, Minister of Trade and Industry of the Union. .
“India supplies almost 85-90% of the world’s needs for castor oil and its derivatives. We have a very well developed processing industry and our castor oil exports reach almost Rs 6 billion per year. The processing industry provides employment to a large number of people, both directly and indirectly. Should China start to aggressively buy castor beans, our processing industry would suffer, “the association noted in the memorandum. BV Mehta, Executive Director of SEA, said that value added within India should be the main focus of the country and raw material (castor beans) should be discouraged.
The association has urged the ministry to take the necessary measures to discourage the export of castor beans by taking appropriate measures, such as setting the minimum export price (MEP) or imposing export duties on castor beans.
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