The ban by Indonesia, which accounts for a third of global edible oil exports, adds to a raft of crop protectionism around the world since the war erupted in Ukraine.
At 3-day meet in Bhopal, Bharatiya Kisan Sangh slammed palm oil for being ‘unhealthy’, not ‘atmanirbhar’ & overusing water. It urged govt to promote local oil seeds, demanded MSP panel.
Govt reduced import duty on palm oil earlier this month to bring down retail prices. Some oil and farm associations say it contradicts govt’s vision of 'Atmanirbhar Bharat'.
The govt has cut import duties on refined and crude edible oils several times this year to rein in the prices of edible oil. The last reduction on import duty was done on 14 October.
Malaysia's output for palm oil production may slide below 18 million tonnes in 2021, a drop of at least 6% from last year and the lowest annual volume since 2016.
India is witnessing record-high inflation in edible oil prices. Food Secretary says country can produce up to 18-19 lakh tonnes of rice bran oil, up from current 11 LT.
The National Mission on Edible Oils-Oil Palm hopes to address a major issue — dependency on imports for edible oils — but given the nature of palm oil farming, has raised concerns.
Concerns are growing that deficient monsoon rains this year could hurt crops, raise food prices, threaten a nascent economic recovery and boost imports of farm goods.
National Mission on Edible Oils-Oil Palm proposes to cover an additional area of 6.5 lakh hectares (lha) under oil palm cultivation by 2025-26, and another 6.7 lha by 2029-30.
As edible oil prices hit record highs, govt reduced duty on crude palm oil to 10% from 15%. To further cool down prices, licence-free import of palm oil products was allowed till 31 Dec.
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