Outlook Business Initiative

Oil Of Great Import

India’s edible oil import bill has gone beyond the humongous figure of ₹1 lakh crore. With the government pushing for domestic production, especially of palm oil, the sector has spawned a rivalry between a swadeshi Ruchi Soya and an imports-driven Adani Wilmar

Illustration: Saahil

The Economic Survey 2021-22 pegged a high annual growth rate of 3.4% for vegetable oil imports till 2030. It recorded changing dietary habits of people as the reason for this growth. “As urbanisation increases in developing countries, dietary habits and traditional meal patterns are expected to shift towards processed foods that have a high content of vegetable oil. Vegetable oil consumption in India is, therefore, expected to remain high due to high population growth and consequent urbanisation,” the survey said.