Government considering to allow import of GM soymeal

Skyrocketing feed prices has led to several representations by the industry to the government. Soymeal, which constitutes the key component of the feed, has observed a surge in prices causing a spillover in other feed compounds. This signals that the Government may allow import of GM soymeal into the country. According to industry sources, the Government has permitted imports but the notification for the same is still awaited. The question here arises is how much quantity domestic users would potentially import as it carries a duty structure for import. Import of soymeal draws a duty of 22% inclusive of cess which mathematically turns out to be a costly proposition. However, imports of soymeal from Least Developed Countries (LDC’s) is nil on the other hand.