Government of India strives to reduce dependence on vegetable oil imports by 50% by 2025
Published Jun 22, 2020
Tridge summary
06/16/2020 Reducing dependence on imported edible oils is part of India's desire for food self-sufficiency. In recent years, much has been said about reducing the huge bill to import vegetable oil in the country, encouraging farmers to increase oilseed production and to allocate more land for oil palm plantations, writes TheStar.
Original content
Palm oil accounts for about 60 percent of the annual import of vegetable oil to India from 15 million tons per year, and most of it is supplied by the largest producers in Indonesia and Malaysia. The world’s largest importer of edible oils also relies on soy and sunflower oil from Argentina, Brazil, Ukraine and Russia. According to Sandip Bajoria, chief executive officer of the Sunvin Group, a key player in the industry, imports are needed to meet an approximately 70 percent shortage in demand for edible oils in India. The Government of India seeks to reduce import dependence by about half of the country's total needs by 2025. “It's not just about palm oil. India wants to reduce its overall dependence on imported edible oil, and efforts are underway to promote local oilseeds such as mustard and rapeseed, soy and peanuts, said Bajoria Bername. The economic impact of the coronavirus pandemic further underscored India's efforts to save foreign exchange. The government said the ...
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