During the current financial year 2015-16 India will be importing edible oils worth $14bn and this is due to poor rainfall. In financial year 2014-15 India imported edible oils worth $10bn. A deficient monsoon is also building pressure on pulses.
A study by industry body, Assocham said that in 2013-14 the import bill was $7.2bn, increasing by over 46 per cent in the subsequent year. The rain fall deficit this year is around 12 per cent, production of oilseeds in states like Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh and Tamil Nadu is likely to drop, which will push India's vegetable oil import bill.
Demand of vegetable oil in the country is increasing, but, the supply side is not able to meet this growing demand. According to a release by the Assocham, responsible factors leading to this situation of wide demand-supply gap include, low and unstable yields of most oilseed crops, and uncertainty in returns to investment, which result from the continuing cultivation of oilseeds in rainfed, high risk production environments.
Industry Association's Secretary General, DS Rawat, in a statement said that for the optimum growth and development of oilseed economy a vibrant and efficient processing sector is a pre-requisite, which is sadly but truly not available in India.
"India's oilseed processing sector has been plagued by a slew of technological and policy issues culminating in the existence of a processing sector low in efficiency and capacity utilization", said DS Rawat.
Source:- merinews.com
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