Davish Jain reelected COOIT Chairman

Indore, Sep 6 (UNI) Mr Davish Jain has been unanimously re-elected Chairman of the Central Organisation for Oil Industry and Trade (COOIT), the apex body of vegetable oil sector in India for the last 54 years.

Mr Jain was elected for the second time in a row in the annual general body meeting held recently in Mumbai. He is Managing Director of Prestige Group of Industries, Indore and has been Chairman of the Soyabean Processors Association of India for many years.

Listing out his priorities as Chairman of COOIT, Mr Jain told mediapersons here today that the prime need of edible oil industry was to increase oil seed production to at least 40 million tonnes from the current level of 25 million tonnes.

COOIT will play the role of a catalyst by bringing together all stake holders, including the government, industry, input suppliers and farmers, he added.

The objective is to increase productivity per hectare closer to the world average to ensure that the industry, which is faced with raw material shortage, will get required oilseeds for processing.

Availability of indigenous edible oil will help reduce dependence on imports, which currently stands at over 40 per cent, Mr Jain added.

In view of increasing per capita consumption of edible oil in the country, Mr Jain said, it is imperative to create a more stable agriculture base and bring down dependence in imports from 40 to 20 per cent.

COOIT will also work closely with state governments for the removal of VAT on edible oil and oilseeds and to frame uniform food laws, rules and regulations aimed at benefitting COOIT members, who have plants located in more than one state and do business across the state boundaries.

COOIT would urge the government to have a long term perspective to give stability to the market and not tinker with the duties time and again.

Mr Jain also feels that there is an urgent need to put in place sufficient checks and regulations, so that futures exchanges in the country are not used as a tool by the speculators for moving the markets unrealistically.

UNI