Oil seed output to rise next season

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Oil seed output to rise next season

Post by nirmalbang on Mon Sep 27 2010, 14:00

After facing sharp decline last year due to poor monsoon, India’s oil seed output is likely to see significant improvement in the current year, said the government on Saturday. Minister of State for Consumer Affairs Food and Public Distribution K V Thomas said that area under cultivation in the Kharif season has increased by over 3% and output will rise even greater.

'With a good monsoon this year, production of oilseeds is poised to increase. The land under cultivation during the current kharif season has increased by 3.7% , compared to 2009,' said Thomas, adding that since yield is also likely to be higher on good weather this year, overall gain in harvest will be much more.

India made strong gains in production of oil seeds in 1990s, but growth has stagnated on last decade after import was liberalized. The production of oilseeds in the country during the last five-years has been hovering in 24-30 million tonne range depending on prices scenario and weather. On the other hand, demand has continued to rise at a rapid pace following good economic growth and rising disposable incomes.

This has resulted in increasing proportion of import into the country. According to industry estimates, India is currently importing nearly half of its total consumption need of edible oils. Last year, import of edible oils had surged to record high levels due to shortage in domestic production of oil seeds. The figure however is likely to come down this year due to surge in local production.
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