INDIA TO SPEND US$1.2 BLN OVER SEVEN YEARS TO CUT EDIBLE OIL IMPORTS
04/10/2024 (Bernama), New Delhi - India will spend 101 billion rupees (US$1.2 billion) over the next seven years to reduce its dependence on edible oil imports.
The Indian government on Thursday approved the initiative called "National Mission on Edible Oils -- Oilseeds" to grow domestic oilseed output from 39 million tonnes in 2022-23 fiscal year to 69.7 million tonnes by 2030-31.
India, the world's largest importer of vegetable oil, sources most of its palm oil from Indonesia and Malaysia, while Argentina, Brazil, Russia, and Ukraine supply it with soyoil and sunflower oil.
In 2022-23, India imported 16.5 million tonnes of edible oils, with domestic production covering 40 to 45 per cent of its total needs.
Palm oil accounted for 36 per cent of the 27.2 million tonnes of oils and fats consumed in 2023.
In 2021, India launched the "National Mission on Edible Oils - Oil Palm" to expand local palm oil cultivation.
The new initiative, alongside the palm oil mission, aims to boost domestic edible oil production to 25.45 million tonnes by 2030-31, covering about 72 per cent of the country's projected demand.
India seeks to expand oilseed cultivation by an additional four million hectares by targeting rice and potato fallow lands and promoting intercropping and crop diversification, according to a government statement.
India last month hiked import tax on palm oil and other edible oils by 20 per cent, a move seen as helping local oilseed crop growers.
-- BERNAMA