Published On: Wed, Mar 17th, 2021

COOIT suggested that government should promote cultivation of Genetically Modified Oilseeds in the country

New Delhi, March 17, 2021.

Under the current situation of in adequate availability of edible oil seeds from domestic sources, The Central Organisation for Oil Industry & Trade (COOIT) has suggested that the government should promote cultivation of Genetically Modified Oilseeds in the country.

This will eventually help the country to become ‘atma nirbhar’ in this essential food segment. In order to promote oilseeds cultivation, it is imperative that the farmers’ interests are protected for their produce.

India’s dependence on imports which was only 10 per cent in 1994-95 has gone up to about 70 per cent mainly because of low productivity and increasing demand driven by improvement in living standards and growing population.

The country’s annual per capita consumption has shown an increasing trend from 15.8 kg in 2012-13 to current levels of 19-19.5 kg. However, at 1200 kg/hectare, Indian oilseed yields are about half of the world’s average and less than one-third of top producers.

“If indigenous productivity and production do not go up significantly, our dependence on imported oil will increase considerably,” cautioned Mr. Babu Lal Data, Chairman, COOIT.

However, “Considering the prevailing situation, for the immediate relief to consumers, government may consider removing the applicable 5% GST on edible oils,” said Mr. Data.

Some of the important issues concerning the oilseeds sector will be discussed at the 41st All India Rabi Seminar on ‘Oilseeds, Oil Trade & Industry’ to be held on March 20 and 21, 2021 at Palm Green Hotel and Resorts, G T Karnal Road, New Delhi, 110036.

The seminar will deliberate on oilseed crop production prospects; demand and supply situation; price outlook; foreign trade; Government policies; measures for adequate and equitable supply of edible oils to meet the nutritional requirement at affordable price to all sections of the people, etc.

Established in 1958, COOIT is engaged in the development and growth of the vegetable oil sector which is crucial to the economy.

The COOIT is the national apex body representing the interests of the entire vegetable oil sector in the country and its members include state level associations, prominent manufacturing/business concerns in Industry, Trade and Export Houses etc.

Live Updates COVID-19 CASES