Indore: Edible oil import bill in the country jumped 75 percent to Rs 1,04,354 Crore for the first nine months (April-December 2021) from the current fiscal from Rs 59,543 Crore in the period last year, the processor association said on Wednesday.
According to the Chairperson of the Processor Processors of the Indian Association (SOPA) Davish Jain, for the first nine months (April-December 2020) from the last fiscal, India has imported Vegetable oil worth Rs 59,543 Crore.
Expressing concerns over the rapid pace of edible oil imports, Jain said, “Our dependence on imports helping oil export countries that can be eaten and their oil farmers get premium prices.
We make them prosperous because India continues to be the largest importer Oil in the world “.
Jain suggests that eating oil must be imported at high rates to balance requests and offers.
Also, the collected tasks must be spent developing the domestic oil seed sector rather than subsidizing other plants.
India meets 60 percent of domestic vegetable domestic needs through imports.
To make an independent state in terms of oil that can be eaten and reduce dependence on imports, Prime Minister Narendra Modi has announced a national mission for it.
Under the mission, the necessary environment will be developed in the country to increase domestic production of vegetable oil and palm oil by investing more than Rs 11,000 Crore.