Facebook Pixel Code

Solvent extractors prepare to fight campaign against refined oil

Terming the recent media campaigns about the side effects of refined oils as ‘maligning’, the Solvent Extractors Association of India (SEAI) has prepared a document to clear the allegations with scientific facts and figures.

Solvent extractors, refined oil, SEAI, Atul Chaturvedi, side effects of refined oil consumption
The SEAI, however, hailed the March 1 announcement on substantially increasing the import duties on crude palm oil from 30% to 44% as well as refined palmolein and refined palm oil from 40% to 54%.

Terming the recent media campaigns about the side effects of refined oils as ‘maligning’, the Solvent Extractors Association of India (SEAI) has prepared a document to clear the allegations with scientific facts and figures. The SEAI reportedly took the step following criticism raised by various media organisations on the side effects of refined oil consumption, In a letter to the members of the SEAI, Atul Chaturvedi, president of the association said, “If the propaganda is not countered effectively, the whole sector would suffer grievous and irreparable harm. We need to nip this in the bud. During last few months, we are witnessing a sustained campaign in social and electronic media targeting refined oils.”

Terming the campaign is only a propaganda, Chaturvedi said, “These allegations are directed only to malign the goodwill and reputation of the edible oil industry for pecuniary gains by unscrupulous elements. To give credibility to their nefarious designs, the campaigners have even roped in doctors.” Meanwhile, the SEAI’s legal panel is conceptualising a short video message to dispel the alleged rumours initiated by the media, he added.

“For the campaign, we propose to create a fund to counter this propaganda by collecting a nominal contribution from the all stake holders,” Chaturvedi said. The SEAI, however, hailed the March 1 announcement on substantially increasing the import duties on crude palm oil from 30% to 44% as well as refined palmolein and refined palm oil from 40% to 54%. While welcoming the increase in duties, the association expressed surprise at singling out palm oil only for increase in duties.

The current duty hike is only on palm oil. This may encourage the import of other oils like rapeseed oil, sunflower oil and soybean oil which will be detrimental to the interest of the domestic farmers as oilseeds of these are also produced in India, he added.

If you are keen to know more about Nifty 50 and BSE Sensex levels and seek expert advice on what’s driving the gains and how to build your portfolio, track the latest stock market stats, share market news and top brokerage bets on Financial Express. Download the Financial Express App for the fastest and most reliable business news alerts, key investment strategies and latest movers and shakers from across financial market.

First published on: 24-03-2018 at 03:34 IST
Market Data
Market Data
Today’s Most Popular Stories ×