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The government has been urged by an industry body to cut import duty on soybean from the current 45 per cent to 10-20 per cent so that food specialty soybean gets imported by processors, potentially helping them to export processed products to south east Asian countries.
After a conference on “Soy Foods: Sustainable Protein for Health and Wellness” in Indore, the organiser Soy Food Promotion and Welfare Association (SFPWA) released a charter of recommendations which include import duty reduction.
Also read: Customs duty and cess waived on crude soyabean and sunflower seed oil till June 30
Earlier, the import duty was 30 per cent on soybean, which was raised to 45 per cent a few years back, said Ratan Sharma, technical adviser, SFPWA.. He said that food-grade soybean, grown in US and Canada, can be allowed at reduced duty as raw material to help processors export soy food items in addition to make those also available in domestic market.
He added that soybean, grown in India, is mainly used for extracting edible oil and for food products. However, due to agroclimatic conditions in US and Canada, there are specific varieties of soybean that are preferred by processors in China and south east Asian countries to manufacture food products, he said. If the raw material is available cheaper, India can certainly compete in those markets, some other experts said.
Series of recommendations
Recognising the potential of the soy food industry, the conference participants put forth a series of recommendations urging government support to foster growth, innovation, and entrepreneurship within the sector, said Sumit Agarwal, chairman of SFPWA.
Among other recommendations, the industry body said there should be quality standards for soy food products and appropriate nomenclature, setting clear guidelines. It has also demanded its nominee as a member of standards committees for soy foods. Further, the Food Safety and Standards Authority of India (FSSAI) should identify and rectify any discrepancies or gaps in the existing tofu standards.
It has sought inclusion of soy protein ingredients in the Production-Linked Incentive (PLI) scheme to incentivise their use in various food manufacturing processes.
Sharma said these recommendations have the potential to foster entrepreneurship and promote healthier diets in India.
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