India's edible oil imports may rise by 7.3% to record highs in FY20: Expert

India’s edible oil imports are likely to rise 7.3 percent in 2019-20 to a record high as weak monsoon rains curtail yields of summer-sown oilseeds such as soybeans and groundnut, a senior industry official said.

Higher purchases by the world’s biggest edible oil importer could support palm oil prices that are under pressure due to sluggish demand amid an expected rise in production.

“Rainfall was scanty over oilseed-growing areas. It will reduce yields of groundnut, soybeans and cotton,” said Govindbhai Patel, managing director of trading firm G G Patel & Nikhil Research Company.

The shortfall in oilseed production will force