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India seeks to increase stagnant oilseed production to reduce vegetable oil imports

India
Market & Price Trends
Published Feb 1, 2024

Tridge summary

India is planning to boost its local production of oilseeds in an effort to reduce its dependency on costly vegetable oil imports. The country, currently the world's largest vegetable oil importer, spent $20.8 billion on edible oil purchases in the fiscal year to March 2023. Finance Minister Nirmala Sitharaman has outlined a strategy to achieve self-sufficiency in oilseeds production, including rapeseed, groundnut, sesame, soybean, and sunflower. The plan involves research into high-yield varieties, the use of modern farming techniques, market linkages, guaranteed procurement, value addition, and crop insurance.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

By Rajendra Jadhav and Mayank Bhardwaj MUMBAI/NEW DELHI (Reuters) - India will step up efforts to increase local production of oilseeds, the finance minister said on Wednesday, as part of plans to reduce expensive imports of vegetable oils from the world's top oil producers in Asia, South America and the Black Sea region. India, the world's largest vegetable oil importer, spent a record $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 tonnes. Palm oil constitutes almost 60% of India's total vegetable oil imports. A strategy would be formulated to achieve self-sufficiency in oilseeds such as rapeseed, groundnut, sesame, soybean and sunflower, Nirmala Sitharaman said while presenting the interim budget for the fiscal year beginning April 1. Renewed research to develop high-yielding varieties, widespread adoption of ...
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