The association has urged, in its letter, to increase export incentive on the soyameal from 5 per cent to 10 per cent
The Soybean Processors Association of India (SOPA), an apex body of soyabean processors in the country, has sought stimulus package from the government of India to lift the soya processing industry, which has been impacted by the prolonged shut down and collapse of poultry sector.
In separate letters to the Union Finance Minister Nirmala Sitharaman, the Prime Minister and other Union Ministers concerned, the SOPA chairman Davish Jain said the prolonged shutdown, which has caused a serious damage to the overall economy of the country, has also impacted the soyabean processing industry. With the collapse of the poultry sector, which consumes 60 per cent of the soyameal, there are no takers for it leading to most of the processing units being shut.
The SOPA chairman said with no operations, no sale and no access to funds, there is no cash flow and the industry is cash-starved.
Added to this the Labour Department’s missive to the units to ensure continued payment of double wages to the workers who work for more than 8 hours, has further added to the industry’s woes. The association has urged, in its letter, to increase export incentive on the soyameal from 5 per cent to 10 per cent so as to revive export in the current depressed global markets. In addition to this, SOPA has urged the Centre to exempt the meal and the bean from GST.
Jain said they have also urged the Centre to advise State governments to remove APMC or mandi fee.
