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sunvinIndia on ‘mission’ to reduce dependency on vegoil imports： Sunvin Group

The Indian government is on a “mission” to reduce its dependence on vegoil imports and aims to increase the country’s planting area and productivity by 25%, the CEO of Mumbai-based consultancy Sunvin Group said during a webinar June 11.“The government is moving towards self reliance, increasing domestic availability of vegetable oil and reducing the dependence on imports to 50% from 70%, Sandeep Bajoria said during the “Sunflower Oil: Keep Trading” webinar hosted by APK-Inform.“This will be done by facilitating local oilseed production,” he said.In order to fund the drive, the Indian government sunvin is considering the possibility of raising the import duty on vegoils, he said. The current import duty on crude palm oil is 41.25% including the social welfare cess of 10%, while for crude soybean oil, sunflower oil and rapeseed oil the duty is 38.5% with refined oils taxed at 49.5%.“The import duty could be raised by 5% on all edible oils in the next few days” Bajoria said, adding that the Indian government is “actively looking into the proposal.”The Indian Ministry of Commerce and Industry could not be reached for comment.In the marketing year 2019-20 (November-October), vegoil imports are forecast at 13.62 million mt, down from 14.91 million mt in 2018-19. With India in an extended lockdown, edible oil demand has seen the focus shift to competing soft oils typically used in home cooking.However, in 2020-21 vegoil imports are expected to rise to 15.45 million mt, with palm oil imports up at 9 million mt due to increased consumption as the lockdown eases. Soybean oil imports are expected to remain flat at 3.4 million mt, and sunflower oil imports are expected to increase to 3.0 million mt from 2.7 million mt.“The incremental demand will be met by rising domestic production,” said Bajoria, adding that imports of vegoils are likely to be capped at 16 million mt for the next decade.Bajoria also said that demand for palm oil has declined because 60% of that demand comes from the hotel, restaurants and catering segment (Horeca), as well as in fried food, biscuits and catering, areas that have been hit hard by the lockdown.“Palm oil imports that were typically around 9.0 ……

sunvinComercio exterior importaciones y exportaciones de SUMINISTRO DE PRODUCTOS QUIMICOS INDUSTRIALES LTDA

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