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Palm Oil Imports
Lower palm oil purchases by the world's biggest vegetable oil importer could put pressure on Malaysian palm oil prices and may lift soyoil imports to record highs and support U.S. soyoil futures price
However, achieving self-sufficiency in edible oil will remain a distant dream unless drastic policy measures are taken
Centre is monitoring prices regularly; has formed special teams to check hoarding
Indonesia has stopped palm oil export, the effect of which will soon be felt in India. Along with increased fertiliser subsidy bill and soaring fuel prices, it may widen India's current account defici
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India's palm oil imports in May are set to rise above 600,000 tonnes despite the restriction imposed by Indonesia on exports
Indonesia's ban on palm oil exports shocked global edible oils markets that already reached record high prices this year, and sparked alarm among major importers of the cooking medium.
India's palm oil imports in February fell 18% from a month prior because of higher prices, while sunflower oil imports plunged 50% as supplies from the Black Sea region were disrupted
India's imports of palm oils declined by 29.15 per cent to 5.44 lakh tonnes in December 2021, but the rise in shipments of RBD palmolein is threatening the survival of domestic refineries
Despite MSP spike and higher acreage and yields, India's dependence on imported cooking media has only grown
India on Monday allowed imports of refined palm oil until December 2022, the government said in a notification, as the world's biggest vegetable oil buyer tries to bring down edible oil prices.
The revised Basic Customs Duty (BCD) will be effective till the end of March 2022
It, however, added that the import is not permitted through any port in Kerala
Higher purchases by India, the world's biggest buyer of vegetable oils, could support palm oil prices that are trading near a record high hit earlier this week.
The decision comes after Prime Minister Narendra Modi announced the new central scheme on August 15 during his Independence Day speech at Red Fort.
The world's second-most populous nation, where eating fried food is a national tradition, depends on overseas suppliers for as much as 70% of its edible oil needs
Massive forest loss and impact on wildlife, long gestation, small farm holdings among hurdles to cultivation