India exported USD158.85 mn worth oil in current fiscal.

India has exported 0.71 LMT of edible oil in the period of April to September in the current fiscal – 2023-24.

According to Ministry of Commerce, the value of the exported edible vegetable oil was 158.85 million USD.

However the import of vegetable oil witnessed a record high during the Apr-Sept period with 85.92 LMT import costing around 8508.76 million USD.

In the previous year, India imported 157.45 LMT of vegetable oil.

Meanwhile, the Government has told Parliament that to promote oilseed production, the Government annually announces Minimum Support Price (MSP) for 22 mandated agricultural crops including 07 oilseeds viz. Groundnut, Sunflower seed, Soybean, Sesamum, Nigerseed, Rapeseed & Mustard and Safflower.

The Ministry’s statement reads that,  from 2018-19 onwards, the MSP has been announced at 1.5 times the cost of production to support the farmers and encourage production. Accordingly,

MSP for all crops including oilseeds is increased every year.

The Government was also working to augment the production area of these oilseeds through various interventions.

This article has been republished from fnb news.