Govt seeks to import soyoil from Brazil

Facing a shortage of edible oil and high inflation, the government on Wednesday said it was looking at Brazil, the major producer of soya oil, to tide over the crisis.

"Brazil has strength in agriculture. We are facing food crisis and there is crisis of soya oil. We have to create new partnership between India and Brazil," Commerce and Industry Minister Kamal Nath said at a CII summit here.

Brazilian Minister of Development, Industry and Foreign Trade Miguel Jorge was also present on the occasion.

Nath said the world was facing a food crisis, but people were concerned only over the US sub-prime crisis.

"Sub-prime crisis is being talked about and the food crisis is not talked about," he said.

The government had slashed duties on import of palm oil and few other varieties of cooking oil but not on soya oil. However, it has indicated that the duties on soya oil may also be cut to improve the supplies in the domestic market.

Prices of edible oils have shot up by over 30 per cent at the retail level in the last few months, while the inflation, on the wholesale price index basis, was about to touch the six per cent mark.