MARKET DEVELOPMENT
Use of GM Mustard May Cut Edible Oil Import
Use of GM Mustard May Cut Edible Oil Import
26/10/2016 (Economic Times) - Edible oil companies, from Adani, Cargill to Noble Agri, feel commercial release of genetically-modified mustard will reduce edible oil import. Demand for edible oil in the country is rising on the back of rise in per capita consumption and pegged at 21-22 million tonnes with imports at 14 million tonnes.
“With India importing 60% to 70% of its oil requirement palm and soyabean oil, an increase in domestic production of mustard through genetically-modified technology, will slightly ease our import dependence,“ says Siraj Chaudhry, chairman of Cargill India, who felt that it was achievable for country to be self-sufficient in edible oil as they did in 1991-92 when the yellow revolution was implemented. Cargill sells edible oil under the NatureFresh, Gemini, Sweekar and Leonardo olive oil brand.
India annually spends Rs 65,000 crore to import edible oil. The annual production of mustard oil in the country was 22.5 million tonnes, out of the total domestic edible oil production of 7-8 million tonnes, making it a major contributor after soyabean oils says Atul Chaturvedi, CEO of edible oil company Adani Wilmar.“The increase in crop yield will benefit farmers and boost domestic oil production,“ says Chaturvedi, which sells edible oil under the brand name Fortune.
“With India importing 60% to 70% of its oil requirement palm and soyabean oil, an increase in domestic production of mustard through genetically-modified technology, will slightly ease our import dependence,“ says Siraj Chaudhry, chairman of Cargill India, who felt that it was achievable for country to be self-sufficient in edible oil as they did in 1991-92 when the yellow revolution was implemented. Cargill sells edible oil under the NatureFresh, Gemini, Sweekar and Leonardo olive oil brand.
India annually spends Rs 65,000 crore to import edible oil. The annual production of mustard oil in the country was 22.5 million tonnes, out of the total domestic edible oil production of 7-8 million tonnes, making it a major contributor after soyabean oils says Atul Chaturvedi, CEO of edible oil company Adani Wilmar.“The increase in crop yield will benefit farmers and boost domestic oil production,“ says Chaturvedi, which sells edible oil under the brand name Fortune.