Due to China, there is no tension at the border of the country itself, but now due to that, your home budget is also deteriorating. It is reported that the rise in the consumption of edible oils in China has led to a jump in the prices of edible oils internationally. This has a direct impact on India's domestic market, which imports 70 percent of its total edible oil requirement from abroad. Prices of edible oils in Indian markets have gone up from Rs 170-180 per liter to Rs 200 per liter. This has led to the rise in the prices of things used in the kitchen as well as breakfast.
India's total needs
According to The Central Organization for Oil Industries and Trade, India is estimated to consume around 25 million liters of edible oil every year. With its domestic production, India is able to meet the requirement of only 90 lakh liters out it. India relies on Argentina, Canada, Malaysia, Brazil, and other South American countries for the remaining 1.40 or 150 million liters of edible oil.
India is also paying a heavy price for this import. In the year 1994-95, India used to import edible oil only 10 percent of its total requirement, which has increased to close to 70 percent at present. It is estimated that India is spending Rs 75-80 crore per year on imports of edible oils only, which is about 2.5 percent of India's total imports.
Increased consumption in China
Its edible oil needs are steadily increasing for China's vast population. The change in the food there is also increasing the consumption of edible oils in China. In general, boiled food was predominant in Chinese society, but the consumption of fried and fried food is also increasing there as the trend of international catering is increasing. To meet this need, China is buying oil from the international market at a heavy price, due to which the prices are going up.
Consumption also increased in India
Due to the change in food, the demand for edible oils has not increased not only in China but also in India. India used to consume 15.8 kg per person in 2012-13, now it has increased to 19-20 kg per person. That is, consumption has increased by 20 to 30 percent. Despite the warnings of health experts, people are also suffering from various diseases due to the continuous increase in consumption of fried and fried things.
Preparation for India
India produces about 30 percent of its total consumption of edible oil. The central government's plan is that if India's edible oil production is tripled by 2025-30, then the country can be self-sufficient in this matter. For this, along with increasing the area under cultivation of edible oils, the government is also considering increasing the use of GM seeds.
There was some impasse in the country regarding the use of GM seeds, but the edible oil it is importing from countries like India, Argentina, and Malaysia, still contains a large number of oils produced from GM seeds. This is the reason that now experts are advising to increase its use in India too.
According to the latest information of the Central Government, the area under sowing of edible oils as well as pulses and other crops is also improving. According to government data, crops have been sown in 80.46 lakh hectares so far. This is 21.10 percent more than the previous years. The area under edible oil has increased from 9.78 lakh hectare to 10.87 lakh hectare.