Homeagriculture News

    Oilseeds' trade body: Next 3 years may see 20-25% rise in local production

    Oilseeds' trade body: Next 3 years may see 20-25% rise in local production

    Oilseeds' trade body: Next 3 years may see 20-25% rise in local production
    Read Time
    2 Min(s) Read
    Profile image

    By Abhimanyu Sharma   IST (Published)

    Mini

    According to  Nilesh Vira, Chairman of the Indian Oilseeds and Produce Export Promotion Council, a good monsoon in India will help local production of oilseeds from the new kharif season, mitigating scarcity of local raw materials like rapeseed, peanuts or other oilseeds

    India may witness a rise of 20-25 percent in the production of oilseeds in the next 3 years as the Union Government has been laying impetus on yield and production of all oilseeds based on replication and the successful model of pulses production since the past 3 or 4 years,
    Nilesh Vira, Chairman of the Indian Oilseeds and Produce Export Promotion Council (IOPEPC), told CNBC-TV18 that global edible oil prices were "down to good levels" and added this will ease pressure on pricing as well as on forex spending on imports.
    According to Vira, a good monsoon in India will help local production of oilseeds from the new kharif sowing season and mitigate the scarcity of local raw material like rapeseed, peanuts or other oilseeds.
    With ease in supply from Indonesia, there are currently no price pressures for Indian edible oil companies even as oilseed exports in sesame seeds, as well as groundnuts, are going well, added Vira.
    Last week, government sources stated that edible oil manufacturers had agreed to reduce retail prices in view of a cooling international market, indicating that the retail price of edible oil will soon be slashed by Rs. 10-12/litre.
    This was the second time in the past few months when such a move was initiated due to a slump in global prices. The government is continuing to keep a watch on retail prices of edible oil in its bid to keep inflation in check.
     
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng