NDDB mulls re-engaging edible oil cooperatives to lessen imports
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
In a bid to reduce India's reliance on imported edible oil, the National Dairy Development Board is intending to encourage domestic production through oilseeds farmers that will be supported through cooperatives.
India continues to depend on imports to meet 50 to 60 per cent of its edible oil demand.
The country imported nearly 13.5 million MT of edible oil during 2020-21. Due to a sharp price rise in the international market, the total cost of imports during 2020-21 was Rs 1,17,000 crore.
"The emerging scenario of increasing edible oil prices has impacted domestic costs as well, leading to a renewed interest in domestic production," the NDDB said.
It said it has initiated a number of measures to support the Karnataka Cooperative Oilseeds Growers' Federation Ltd (KOF), a state level apex federation comprising of 3 regional oilseeds growers' unions spread across 15 out of the 31 districts in the state.
During 2021-22, KOF and its member unions together handled more than 38,500 MT of edible oil and had a combined turnover of about Rs 630 crore.
