There is some good news for the UPA government, which is trying hard to tackle the rising import bill. Japan has shown interest in buying rice bran oil from India - a country that depends on import of edible oil for meeting nearly 60 per cent of its domestic consumption. Export of rice bran oil will help India earn foreign exchange, thus reducing the rising import bill on account of edible oil.
India is likely to import edible oils worth Rs 56,000 crore in the current oil year (November 2012- October 2013). In volume terms, the country is expected to import 10.5 million tonne edible oil this oil year.
Talking to ET, BV Mehta, executive director of the Solvent Extractors' Association of India (SEA), said: "Indian rice bran oil, known as 'heart oil' in Japan, may soon land on the coast of Japan if every thing goes well. Manufacturers of Japanese rice bran oil (they also call it rice oil) have shown keen interest in the import from India. Some of the Japanese producers are also looking for joint ventures with Indian companies for value-added products." In fact, a seven-member Japanese team from Wakayama Prefectural government has recently met the members of SEA to discuss the possibility of importing rice bran oil from India.
India is the second-largest producer of the oil after China and the country has the potential to produce over 14 lakh tonne rice bran oil. Currently, it produces about 9 lakh tonne, of which only 3 lakh tonne is used as edible oil. The rest is used by vanaspati industry or blended with other oils.
Rice bran oil is gaining popularity across the world as it is rich in mono-unsaturated fatty acids and has a higher cholesterol reducing power. It has the highest amount of oryzanol, which has cholesterol lowering properties, unique micro nutrients and natural antioxidants compared to other cooking oils. It reduces cholesterol absorption, blood platelet aggregation and increases cholesterol excretion, thus reducing total cholesterol effectively.
However, a major hurdle for the bulk exports is the existing policy. The government does not allow bulk exports of edible oils. It only allows exports of small packs of 5 kg with a maximum limit of 20,000 tonne. "We will take up the matter with the government so that rice bran oil can be exported to Japan and other countries," Mehta said.
In India, rice bran oil, which is available at Rs 110-115 per litre, is giving a tough competition to olive oil. "After Adani Wilmar launched rice bran oil under its Fortune brand, it has witnessed tremendous growth in the domestic market. In the current fiscal year, rice bran oil is expected to grow 25 per cent. Olive oil industry is facing a big challenge from rice bran oil," said AR Sharma, chairman of AP Solvex, the largest rice bran oil producer in the country.
Source:- economictimes.indiatimes.com
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