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July 03, 2007 11:09 IST
A good crop expected this year will keep the prices of edible oil in India under check, according to official estimates.
The government is expecting a better soyabean and groundnut production on account of well-distributed monsoon rains and good prices.
Over the past year, the prices of edible oils have risen by between 20 per cent and 40 per cent, mainly due to a domestic shortfall and high international prices.
India estimates oilseeds output at 23.26 million tonnes in the year to October, down from 27.98 million, last year. But traders say increased sowing could boost output to 27 million tonnes in the new season starting November.
According to the agriculture ministry, 1.3 million hectares had so far been planted with summer-sown oilseed crops. With monsoon rains advancing into key growing regions the pace of sowing is picking up.
Planting of groundnut in Gujarat, and soybean in the states of Madhya Pradesh, Maharashtra and Rajasthan is on.
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