Edible oils are imported up to 63 percent at Rs 1.17 crore in 2020-21


Agency, New Delhi.

Published by: Jeet kumar
Updated Wed, Nov 17 2021 04:39 AM IST

Summary

The Edible Oils Organization (CEA) said Tuesday that there was a deficit of 44 thousand tons in the import of edible oils during this period, but a higher amount had to be paid.

The edible oil import bill stood at Rs 1.17 lakh crore
– Photo: pixabay

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India’s import bill increased by 63 percent to Rs 1.17 million lakh in the latest marketing year due to a sharp rise in the prices of edible oils, including palm.

According to CEA, a total of 131.31 lakh tonnes of edible oil was imported in the edible oil trade year 2020-21 (November-October). It was 44 thousand tons less than 131.75 lakh tons in 2019-20. Despite this, India had to pay Rs 1.17 million lakh crore, which is Rs 45.375 million less than the Rs 71.625 million spent on imports last year.

The organization said the government had recently changed the import tariff to stabilize prices in the domestic market. Due to this, imports were also affected in recent months. However, now the pace is accelerating and the import of refined oil has increased by 6.86 lakh tonnes.

In the last commercial campaign, the total import of vegetable oil also remained the same as in 2019-20 and showed a jump of only 6 thousand tons. During this period, while the arrival of edible oils decreased, the import of inedible oil increased by 50,650 tons. Total edible oil reserves in the country stood at 17.05 lakh tonnes on November 1, 3 lakh tonnes less than on October 1.

Expansion

India’s import bill increased by 63 percent to Rs 1.17 million lakh in the latest marketing year due to a sharp rise in the prices of edible oils, including palm.

According to CEA, a total of 131.31 lakh tonnes of edible oil was imported in the edible oil trade year 2020-21 (November-October). It was 44 thousand tons less than 131.75 lakh tons in 2019-20. Despite this, India had to pay Rs 1.17 million lakh crore, which is Rs 45.375 million less than the Rs 71.625 million spent on imports last year.

The organization said the government had recently changed the import tariff to stabilize prices in the domestic market. Due to this, imports were also affected in recent months. However, now the pace is accelerating and the import of refined oil has increased by 6.86 lakh tonnes.

In the last commercial campaign, the total import of vegetable oil also remained the same as in 2019-20 and showed a jump of only 6 thousand tons. During this period, while the arrival of edible oils decreased, the import of inedible oil increased by 50,650 tons. Total edible oil reserves in the country stood at 17.05 lakh tonnes on November 1, 3 lakh tonnes less than on October 1.


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