India approved a 101 billion rupee (US $1.2 billion) program to double edible oil production in the country within seven years, aiming to reduce dependence on costlier imports. The world’s largest importer of edible oils, India currently fulfils nearly two-thirds of its demand through overseas purchases of palm oil, soyoil and sunflower oil, primarily from Indonesia, Malaysia, Argentina, Brazil, Russia and Ukraine.
Under the program, oilseed productivity will be increased by promoting high-yielding, high-oil content varieties and expanding cultivation. Advanced technologies like genome editing will be used to develop superior seeds. The program aims to increase edible oil production from the current 12.7 MMT to 25.45 MMT by 2030-31, fulfilling around 72% of the country’s projected domestic requirement.
The country’s edible oil import bill surged to $15 billion in 2023-24 from $2.2 billion in 2006-07. During the same period, India’s edible oil imports rose to 15.5 MMT from 4.37 MMT. Last month, India raised the basic import tax on crude and refined edible oils by 20 percentage points to help protect farmers struggling with lower oilseed prices.
