India seeks to boost stagnant oilseed output to cut expensive vegetable oil imports

Published Feb 2, 2024

Tridge summary

India is planning to boost its local oilseed production in an effort to reduce its reliance on costly vegetable oil imports. The country, which is the world's largest importer of vegetable oil, spent a record $20.8 billion on edible oil purchases in the fiscal year to March 2023. The strategy, announced by Finance Minister Nirmala Sitharaman, aims to achieve self-sufficiency in oilseeds such as rapeseed, peanuts, sesame, soybean, and sunflower. The plan involves research into high-yield varieties, the use of modern farming techniques, market linkages, guaranteed purchases, value addition, and crop insurance.

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Original content

MUMBAI/NEW DELHI (Feb 1): India would step up efforts to boost local oilseed production, the finance minister said on Thursday, as part of plans to cut pricey imports of vegetable oils from the world's top edible oil producers in Asia, South America and the Black Sea region. India, the world's biggest vegetable oil importer, spent a record US$20.8 billion on its edible oil purchases in the fiscal year to March 2023. Stagnant oilseed production forces the country to import more than two-thirds of its annual vegetable oil consumption of around 23 million metric tonnes. Palm oil constitutes nearly 60% of India's total vegetable oil imports. A strategy would be formulated to achieve self-reliance in oil seeds such as rapeseed, peanuts, sesame, soybean, and sunflower, Nirmala Sitharaman said, while presenting the interim budget for the fiscal year starting on April 1. A renewed research to develop high-yielding varieties, widespread adoption of modern farming techniques, market ...

Source: Theedgemarkets