How much 10 103 crore will be allocated for oil ¨C oilseeds?
¡°We are happy to note that the Union Cabinet has approved long-standing demand of industry and decided the allocation of ?10,103 crore for the National Mission on Edible Oils ¨C Oilseeds,¡± he said, adding, this initiative, which is set to span over the next six years, aims to boost the production of oilseed crops to 69.7 mt by 2030-31.
Will India double oil production in 7 years?
India has approved a 101 billion rupee ($1.2 billion) initiative to double edible oil production within seven years, aiming to reduce reliance on imports. The program will boost oilseed productivity using high-yield varieties and advanced technologies, targeting a production increase from 12.7 to 25.45 million metric tons by 2030-31.
How much edible oil will China Import in 2023?
The programme aims to increase edible oil production from the current 12.7 million metric tons to 25.45 million tons 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.
Why are edible oil prices rising in India?
With the ongoing war between Russia and Ukraine, the import of sunflower oil to India has taken a hit, leading to a sharp increase in edible oil prices. Sunflower oil prices increased by ~53% in the last one month, while prices of palm and soya increased of ~26-27%.