Mustard, rice bran alternatives to soybean: Commerce minister
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Monday
July 04, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
MONDAY, JULY 04, 2022
Mustard, rice bran alternatives to soybean: Commerce minister

Bangladesh

TBS Report
18 May, 2022, 01:55 pm
Last modified: 18 May, 2022, 10:48 pm

Related News

  • VAT exemption for edible oil likely to get extension till Sept 
  • Govt lifts ban on rice bran oil exports citing drop in edible oil prices
  • Biden says will see Saudi crown prince, won't push directly on oil
  • Saudi Arabia walks oil policy tightrope between Biden and Putin
  • OPEC+ expected to stay course on oil output boost

Mustard, rice bran alternatives to soybean: Commerce minister

He says soybean oil is harmful to health

TBS Report
18 May, 2022, 01:55 pm
Last modified: 18 May, 2022, 10:48 pm
Photo: Collected
Photo: Collected

Commerce Minister Tipu Munshi has announced plans to increase the production of mustard, rice bran and canola oils, identifying them as alternatives to soybean oil.

"It is possible to increase the production of rice bran to seven lakh tonnes," the minister said, adding that the current production of rice bran is 50,000-60,000 tonnes.

"If we can do that, 25% of the country's total demand can be met," he told journalists after a second meeting of the task force committee on commodity price review at the Bangladesh Secretariat on Wednesday.

Other than that, Munshi said, rice bran is better than soybean and "soybean is harmful to health".

"Similarly, we are going to focus on mustard production. Mustard production can also be significantly increased, which will meet a major portion of our domestic demand," he said.

He added, efforts are also being made to increase canola oil imports and the agriculture ministry is working according to this plan.

The commerce minister said the country has no shortage of edible oil at the moment.

"Millers have also said that with the oil available in the country, our needs will be met," he said.

"The question is, how long it will continue? Will we rely only on soybean and imports, or will we consume mustard, rice bran, and canola oils as alternatives to soybean oil? We have to make that decision now. We need to change our habits," he added.

No barrier to importing wheat from India

Speaking to reporters, Commerce Minister Tipu Munshi said there was no impediment to importing wheat from India.
He said at the moment it is widely rumoured that India has stopped wheat exports to Bangladesh, but that is not true.

"A large portion of our wheat is imported from India and the market started to show an impact after hearing the news. But everyone should know that the import of wheat has not stopped at the G-to-G level. Wheat can be bought as much as desired through government-to-government negotiations as a neighbouring country," he said.

There are also big importers who import wheat from India and other importers can also import wheat, the minister said.

However, permission for this import has to be taken from the government, he said, adding that given permission, private sector importers will be able to import wheat at full capacity.

"That is why the sanctions imposed by India will not affect us in any way," said Tipu Munshi.

He said the price of wheat has gone up in the country on news of the suspension of Indian exports due to some unscrupulous businessmen.

"However, with the amount available in stock and in the process of being imported, we do not fear any shortage in the country at present. We have as much wheat as we need," he added.

At what price should you buy onions?

Commerce Minister Tipu Munshi said a decision needs to be made on how low the price of onion should be.

He said the increase in the price of onions is being discussed in the country now. "We need to decide at what price we should eat onions and how much more should be given to farmers," he added.

He said if people want onions at Tk20 per kg, then farmers will not survive. They will not produce it. They will stop production.

"We have to go for a price where farmers get a fair price for their onions and consumers get it within their purchasing power, because we have to protect the interests of both farmers and consumers," he added.

The commerce minister said the agriculture ministry has given them an estimate that the cost of production per kg onion for farmers is Tk20-21 and it even goes higher, depending on location.

However, besides production costs, there is rotting and wastage which farmers have to factor into the cost of production, he added.

Upon harvesting, the minister said farmers need to have a profit of Tk5-6 per kg.

"If we import 100 tons of onions today, 3-4% of that will rot in a month. So it has to be included in the price. If the price is Tk25-30 at the farmer level, then it will retail for Tk40-45. Consumers are able to afford onions at this price and it's time to think about onions at that price," he added.

Senior Commerce Secretary Tapan Kanti Ghosh, and Director General of the Directorate of National Consumers Right Protection, AHM Safiquzzaman, were, among others, present at the press briefing.
 

Top News

Oil / edible oil

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Export shines, deficit widens too
    Export shines, deficit widens too
  • People leave Field's shopping centre, after Danish police said they received reports of shooting, in Copenhagen, Denmark, July 3, 2022. Ritzau Scanpix/Olafur Steinar Gestsson via REUTERS
    Danish police say several dead after Copenhagen mall shooting
  • Home textiles, agri and leather emerge with major export potentials
    Home textiles, agri and leather emerge with major export potentials

MOST VIEWED

  • Padma Bridge from satellite. Photo: Screengrab
    Padma Bridge from satellite 
  • Photo: TBS
    Motorcycles banned on Padma Bridge 
  • Photo: Collected
    2 motorcyclists killed in first accident on Padma Bridge
  • TikToker who removed nuts of Padma Bridge detained in Dhaka
    TikToker who removed nuts of Padma Bridge detained in Dhaka
  • Photo: TBS
    BRTC bus breaks two barriers of Padma Bridge toll plaza
  • Photo: Pixabay
    Law being amended to ban e-cigarettes

Related News

  • VAT exemption for edible oil likely to get extension till Sept 
  • Govt lifts ban on rice bran oil exports citing drop in edible oil prices
  • Biden says will see Saudi crown prince, won't push directly on oil
  • Saudi Arabia walks oil policy tightrope between Biden and Putin
  • OPEC+ expected to stay course on oil output boost

Features

A Glittery Eid

A Glittery Eid

15h | Mode
Rise’s target customers are people who crave to express themselves through what they wear, and their clothing line is not relegated to any age range.

Level up your Eid game with Rise

15h | Mode
Stefan Dercon, a Professor of Economics at the University of Oxford and former Chief Economist of the Department of International Development (DFID). Illustration: TBS

Renewing the ‘elite bargain’ for Bangladesh’s future growth

18h | Panorama
The eye-catching commuter: Suzuki Gixxer SF 155

The eye-catching commuter: Suzuki Gixxer SF 155

1d | Wheels

More Videos from TBS

Is the Western intention to defeat Russia through Ukraine successful?

Is the Western intention to defeat Russia through Ukraine successful?

5h | Videos
Tattoo industry growing in Bangladesh

Tattoo industry growing in Bangladesh

5h | Videos
Ukraine to receive huge arms consignment

Ukraine to receive huge arms consignment

5h | Videos
Warren Buffett's 10 tips to get rich

Warren Buffett's 10 tips to get rich

7h | Videos

Most Read

1
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

2
TBS Illustration
Education

Universities may launch online classes again after Eid

3
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

4
Photo: Collected
Economy

Tech startup ShopUp bags $65m in Series B4 funding

5
World Bank to give Bangladesh $18b IDA loans in next five years
Economy

World Bank to give Bangladesh $18b IDA loans in next five years

6
Investor Hiru fined Tk2cr for market manipulation
Stocks

Investor Hiru fined Tk2cr for market manipulation

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Launch operators on various river routes see a steep drop in passengers after the opening of the the Padma Bridge. Photo: TBS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net