India's edible oil import bill may rise 9 per cent to Rs 1.75 lakh crore

Indias edible oil import bill is estimated to rise 9 per cent to Rs 175 lakh crore during the current marketing year ending October on higher volumes and rupee depreciation according to industry body SEAIn a letter to the members Solvent Extractors Association of India SEA President Sanjeev Asthana expressed concern over rising import bills and said the oilseed revolution could no longer waitIndia stands at a defining moment in its edible oil journey and the warning signs are becoming increasingly difficult to ignore The countrys edible oil import bill which stood at Rs 161 lakh crore last year is now projected to cross an unprecedented Rs 175 lakh crore this year he saidEarlier this month SEA has reported that Indias edible oil import rose 7 per cent to 10388 lakh tonnes during November 2025June 2026 period from 9729 lakh tonnes in the corresponding period of the previous oil yearThe edible oil marketing year runs from November to OctoberIn the first eight months of the current oil year Asthana said the import bill stood at Rs 119 lakh crore as against Rs 99000 crore in the yearago periodThis is not merely another statistic it represents a substantial outflow of precious foreign exchange that could otherwise be channelled into strengthening Indias agricultural infrastructure he observedAsthana pointed out that a weaker rupee has made imports costlierAt the same time weather uncertainties including belownormal monsoon forecasts and delayed sowing in several oilseedgrowing regions are raising concerns over domestic production he addedThe SEA President said the global developments are adding further pressureIndonesias expanding biodiesel programme is diverting larger quantities of palm oil from food to fuel tightening global supplies while geopolitical uncertainties and higher freight and insurance costs continue to keep international edible oil prices volatile The net effect is that India may be compelled to import more and pay considerably more for every tonne he saidAsthana stressed on increasing oilseeds production in the country which will help in reducing the import dependenceOn the Kharif sowing of oilseeds the SEA pointed out that the overall acreage has remained substantially lower as on 17th July The area under coverage so far is 147 lakh hectare compared to 1557 lakh hectare for the same period of last yearParticular concern is the possibility of weaker rainfall during the critical August September flowering period which could adversely affect oilseed yields and further deplete reservoir levels with implications for the forthcoming Rabi season as well Asthana saidHowever he said the sowing delays do not necessarily translate into lower productionHistorically acreage has caught up once rainfall improves The coming weeks will therefore be decisive in determining whether Kharif 2026 regains momentum or whether India faces yet another year of heightened import dependence the president saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever