The edible oil industry has endorsed the govt to increase the import duty on both crude & refined oil, along with setting aside a portion of the revenue earned to set up an Oilseeds Development Fund to increase native production.
The movement comes at a time when the native consumption is increasing at a rate of 8 per cent and the import on account of oil has crossed Rs 65,000 cr in the year ending Oct 31. In the current oil year that kicked off on Nov 1, the import bill is likely to be Rs 75,000 cr as India will have to import more since local production went down this kharif season.
India is going to import 155-160 lakh tonnes of edible oil current year, compared to 144 lakh tonnes the last time round. In Nov, the import went up 13 per-cent from a year ago. Present year, we have seen what has happened with pulses. There is sufficient supply of edible oil globally which is helping us meet our demand. But this situation may reverse anytime," said by chief operating officer of Adani Wilmar.
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