DelhiDesk India’s increased imports of cheap palm oil have helped cool consumer prices, but farmers have faced losses with home-grown mustard selling below the minimum support price. India imported 8.1 million tonnes of vegetable oils, including palm, sunflower, and soybean, between November 2022 and April 2023, a 21% increase from a year ago. In the 2021-22 oil year, India imported 14 million tonnes of vegetable oils, spending INR 1.6 trillion, up 34% YoY and more than double what it spent in 2019-20. Experts are divided over the government’s push to achieve self-reliance in oil palm cultivation due to the crop’s long gestation period and suitability for tropical climates.
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👉 Increased imports of cheap palm oil have helped cool consumer prices.
👉 Farmers have run into losses with home-grown mustard selling at below the minimum support price.
👉 India imported 8.1 million tonnes of vegetable oils in the six months between November 2022 and April 2023.
👉 Global food prices have softened since the Russian invasion of Ukraine, with cooking oil prices falling by 45% in April this year.
👉 Wholesale mustard prices fell sharply, from 6,500 per quintal in May last year to less than 5,000 per quintal now.
👉 Indian farmers plant several oilseed varieties like mustard, soybean, groundnut, coconut and sesame, but productivity is low compared to oil palm grown in South-east Asia or soybeans from Latin America.
👉 India achieved self-sufficiency in oilseeds briefly in the early 1990s, but gradually, cheap imports took over.
👉 The National Food Security Mission pushes cultivation of mustard, soybean and sunflower.
👉 India will launch a 11,000 cr-mission to achieve self-reliance in oil-palm in 2021.
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