Import of vegetable oils during September 2015 is reported at 1,216,546 tons compared to 1,047,620 tons in September 2014, consisting of 1,205,507 tons of edible oils and 11,039 tons of non-edible oils i.e. up by 16%. The overall import of vegetable oils during November 2014 to September 2015 is reported at 12,941,611 tons compared to 10,572,994 tons i.e. up by 22%, according to the Solvent Extractors Association of India.
India is being used as a dumping ground for excessive supply of edible oils in the world market. Excessive import has put tremendous pressure on the local prices, which are at a level where Indian oilseeds growing farmers are in distress and losing interest in oilseed crop. Country's dependence on imported oil has further increased to nearly 70%, an alarming situation for the country's food security.
Powered by Capital Market - Live News
