Indore: The country’s edible oil import bill rose by 75 per cent to Rs 1,04,354 crore during the first nine months (April-December 2021) of the current fiscal from Rs 59,543 crore in the year-ago period, a processors association said. said on Wednesday. ,
According to Soybean Processors Association of India (SOPA) President Daveesh Jain, during the first nine months (April-December 2020) of the last financial year, India had imported edible oil 59,543 crores.
Expressing concern over the rapid pace of imports of edible oil, Jain said, “Our dependence on imports is helping the edible oil exporting countries and their oilseeds producers to get premium prices. We are making them prosperous because India Food remains the largest importer of oil in the world”.
Jain suggested that edible oils should be imported at higher tariffs to balance demand and supply. Also, the collected duty should be spent on the development of domestic oilseeds sector rather than cross-subsidizing other crops.
India meets 60 per cent of its domestic requirement of edible oil through imports.
In order to make the country self-reliant in the matter of edible oil and reduce dependence on imports, Prime Minister Narendra Modi had announced a national mission for this.
Under the mission, a necessary environment will be developed in the country to increase the domestic production of edible oil and palm oil with an investment of over Rs 11,000 crore.
According to Soybean Processors Association of India (SOPA) President Daveesh Jain, during the first nine months (April-December 2020) of the last financial year, India had imported edible oil 59,543 crores.
Expressing concern over the rapid pace of imports of edible oil, Jain said, “Our dependence on imports is helping the edible oil exporting countries and their oilseeds producers to get premium prices. We are making them prosperous because India Food remains the largest importer of oil in the world”.
Jain suggested that edible oils should be imported at higher tariffs to balance demand and supply. Also, the collected duty should be spent on the development of domestic oilseeds sector rather than cross-subsidizing other crops.
India meets 60 per cent of its domestic requirement of edible oil through imports.
In order to make the country self-reliant in the matter of edible oil and reduce dependence on imports, Prime Minister Narendra Modi had announced a national mission for this.
Under the mission, a necessary environment will be developed in the country to increase the domestic production of edible oil and palm oil with an investment of over Rs 11,000 crore.
,