Increased import of vegetable oil, coupled with low oilseed production paints a disappointing picture of the country's vegetable oil industry, stakeholders said on Thursday.

Speakers at the three-day Globoil India 2016 event here, also expressed hope that the GST could a game changer and a shot in the arm for the vegetable oil industry.
                     Sandeep Bajoria, chairman, Globoil and CEO, Sunvin Group said that India was the world's leading cooking oil importer and there was need to "adopt policies to promote domestic oilseed production".

"But that has not been happening," he said, noting imports of vegetable oil have almost reached 70 % in the current fiscal.
Currently, more than 50 % of the country's annual demand for cooking oil, which is around 16 to 17 million tons, is supplemented by import of palmolein oil, as well as soya bean oil from Latin America and sunflower oil from countries in and around the Black Sea.

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