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India’s palm oil production is likely to jump to 1.2 to 1.5 million metric tons by 2030-31 from the current 400,000 tons, as farmers have been expanding the area, said Sougata Niyogi, chief executive officer of the oil palm plantation division at India’s biggest palm oil producer, Godrej Agrovet Ltd (GODE.NS).
Why is oil palm important in India?
Former CEO – Oil Palm Plantation Division, Godrej Agrovet Limited. Oil Palm is the key to achieve self- sufficiency in edible oils. It constitutes 37% of edible oil demand in the country and 97% of demand for palm oil is met through imports. India has the potential to cultivate Oil Palm in 19.33 Lakh Ha.
How much palm oil does India import?
India currently imports around 16 million tons of vegetable oils per annum, including 9 to 10 million tons of palm oil, mainly from Indonesia, Malaysia and Thailand. Godrej Agrovet expects its palm oil production to double to 250,000 tons by 2030-31, Niyogi said.
Will India’s palm oil production triple in 6 years?
MUMBAI, Sept 20 (Reuters) – India’s palm oil production is likely to triple in six years as the area under oil palm plantations increases and as plantations become mature for harvesting, a senior industry official said on Friday. The world’s biggest edible oil importer relies on Indonesia, Malaysia and Thailand for palm oil supplies.