India's marine product exports facing rough weather from punitive US tariffs are expected to get a big boost following the reduction of 26 per cent tariff as part of the India-EU Free Trade Agreement (FTA), but concerns over non-tariff barriers, which are a dominant aspect of marine trade to the EU, still remain.
The government will formulate a strategy to make India self-reliant in edible oils by boosting domestic output of oilseeds and launch a comprehensive programme to support dairy farmers, Finance Minister Nirmala Sitharaman announced on Thursday. India imports a large quantity of edible oils to meet the domestic demand. During the 2022-23 marketing year (November-October), the country imported nearly 165 lakh tonnes of cooking oils, valuing a whopping Rs 1.38 lakh crore.
Most of the sowing in the country depends on the monsoon as over half of the cultivable land, due to lack of proper irrigation system, is rain-fed.
Oilmeal export declined in May sharply, according to data compiled by the Solvent Extractors' Association of India (SEA).
India has dismissed a petition by a trade organisation to impose a 'safeguard duty' on edible oil imports, a government notification said.
India's edible oil imports rose by 41 per cent to touch 5.47 lakh tonnes in June against 3.88 lakh tonnes a year-ago, according to figures released by the Solvent Extractors' Association of India.
Data released by the Solvent Extractors' Association of India has shown huge rise in exports of oilmeal from India.
India's edible oil import is expected to rise by 15% to 51 lakh tonne (5.1 million tonne) during the current oil season 2006-07 (starting November).
Indian farmers are likely to grow more oilseeds in the winter crop season beginning this month from a year earlier, boosted by robust oilseed prices, traders and industry officials said.\n\n\n\n
Major edible oil companies, including Adani Wilmar and Ruchi Soya, have reduced the maximum retail price (MRP) of their products by 10-15 per cent to provide relief to consumers, industry body SEA said on Monday. The prices have been reduced by Adani Wilmar (on Fortune brands), Ruchi Soya (Mahakosh, Sunrich, Ruchi Gold and Nutrella brands), Emami (Healthy & Tasty brands), Bunge (Dalda, Gagan, Chambal brands) and Gemini (Freedom sunflower oil brands), it said. OFCO (Nutrilive brands), Frigorifico Allana (Sunny brands), Gokul Agro (Vitalife, Mahek and Zaika brands) and others have also reduced prices, it added.
The government has reduced the tariff value for import of edible oil, including palm oil, by up to $112 per tonne, a move which experts said can lead to lower domestic prices. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by $86 per tonne, and of RBD and crude palmolein by $112 per tonne each. It also reduced the base import price of crude soyabean oil by $37 per tonne. The changes in tariff value of edible oil are effective from Thursday (June 17).
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
The advertisement is unnecessarily misleading the consumer and also derogatory and denigrating to the oil industry, SEA said
Acknowledging the strained diplomatic relations between Malaysia and India over his remarks, Mahathir said that it is necessary to speak out on the issues, even though such remarks could be disliked by some.
Patanjali Ayurved spokesman said, "Our present commercial is based on facts and research."
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