India will spend US$1.2 billion in seven years to reduce edible oil imports

NEW DELHI: India will spend 101 billion rupees (US$1.2 billion) over the next seven years to reduce dependence on edible oil imports. The Indian government on Thursday approved an initiative called "National Mission for Edible Oil -- Seed Oil" to increase domestic oilseed production to 69.7 million tonnes by 2030-31 from 39 million tonnes in fiscal year 2022-23. India, the world's largest importer of vegetable oil, gets its palm oil mostly from Indonesia and Malaysia, while Argentina, Brazil, Russia and Ukraine supply it with soybean oil and sunflower oil. India is importing 16.5 million tonnes of edible oil in 2022-23, with domestic production providing about 40 to 45 percent of the country's total edible oil requirement. Palm oil accounts for 36 percent of India's consumption of 27.2 million tonnes of oil and fats in 2023. In 2021, India launched the "National Mission for Edible Oil -- Palm Oil", a scheme aimed at expanding local palm oil cultivation. In line with the palm ...