Solvent Extractor’s Association or SEA has stated that Union Budget 2026-27 is on expected lines and should help in stimulating economic activity in the country and would send the right signals for inclusive development and infrastructure and investment. In the last 3 decades, the edible oil scenario has undergone a vast change. Our dependence on import has gone to approximately 60% currently. The main reason for this dismal state of affairs is that the overall oilseeds production has remained insufficient to meet the growing edible oil consumption. Against a national consumption level of 26-26.5 million tonnes, only 11-11.5 million tonnes remained available in 2025-26.
The Union Budget 2026-27 was a critical opportunity to support India’s agriculture and specifically edible oil sector. SEA has been constantly representing to the Government that our Edible oil imports are skyrocketing and seriously compromising edible oil security of the Nation needing urgent policy intervention. The Budget did not touch on measures that would reduce our dependence on the import of edible oil in the line with our Prime Minister Vision on Atmanirbharta in Edible Oil. In case of import duty on edible oils, the current duty structure with the duty difference is the comfortable to consumer and farmers and rightly Hon’ble Finance Minister did not find reason to change the same.