Poster in Oct 06, 2024 13:28:57

India has set a target of doubling edible oil production to reduce dependence on imports

India has set a target of doubling edible oil production to reduce dependence on imports

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India currently meets about two-thirds of its demand through foreign purchases of palm oil, safflower, and sunflower oil. They are primarily imported from Indonesia, Malaysia, Argentina, Brazil, Russia and Ukraine

On Thursday (Oct 03, 2024), India approved a 101 billion rupee ($1.2 billion) program to double edible oil production in the country within seven years, aiming to reduce dependence on costlier imports, the government said in a statement.

The world's largest importer of edible oils, India currently fulfills nearly two-thirds of its demand through overseas purchases of palm oil, soyoil, and sunflower oil, primarily from Indonesia, Malaysia, Argentina, Brazil, Russia, and Ukraine.

Under the program, oilseed productivity will be increased by promoting high-yielding, high-oil content varieties and expanding cultivation. The statement said that advanced technologies like genome editing will be used to develop superior seeds.

The program aims to increase edible oil production from 12.7 million metric tons to 25.45 million tons by 2030-31, fulfilling around 72% of the country's projected domestic requirement.

The country's edible oil import bill surged to $15 billion in 2023/24 from $2.2 billion in 2006/07. During the same period, India's edible oil imports rose to 15.5 million metric tons from 4.37 million tons.

Last month, India raised the basic import tax on crude and refined edible oils by 20 percentage points to help protect farmers struggling with lower oilseed prices.

Source: Online/GFMM

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