India Produces Record Oilseeds; Edible Oil Import To Go Down.

India produced a record 31.10 million tonnes oilseeds in the 2010-11 crop year ending June, which would bring down the country's import of the edible oil.

According to the fourth advance estimates prepared by the agriculture ministry, the country is estimated to have harvested a record 12.66 million tonnes (MT) of soyabean, 7.54 MT of groundnut and 7.67 MT of rapeseed & mustard.

The oilseeds production has surpassed the third estimate at 30.25 MT which itself was a record.

Trade sources said the leap in oilseeds production is bound to reduce the country's import of the vegetable oil by about 1 MT.

B B Mehta, Executive Director of Solvent Extractors' Association of India (SEA), told PTI from Mumbai that import of cooking oil would go down by 1 MT to 8.5 MT on the back of record production and high international prices.

India had imported 9.2 MT of vegetable oil last year to meet the domestic shortage.

Mehta said though increase in oilseeds production is appreciable, but the country still needs to enhance its production by 2 MT per annum to meet the domestic shortage.

Founded in 1963, SEA has 835 members in the country.

Source : economictimes.indiatimes.com