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.
(Edited by : Nishtha Pandey)
