New Delhi, May 20 (PTI) Edible oil industry body SEA has stressed on the need to boost domestic output of oilseeds, adoption of modern farm practices and building conscious consumption habits.
In a letter
to its members, Solvent Extractors' Association of India (SEA) President Sanjeev Asthana expressed concern over the rising import bill of cooking oil. It also demanded policy support to tide over the disruption caused by the West Asia crisis.
"PM Modi's appeal for mindful edible oil consumption is far more than a lifestyle suggestion — it carries serious economic and strategic weight," he said.
With India importing 60 per cent of its edible oil needs, Asthana outlined that even moderate global price swings translate into massive forex outflows.
India imported 16 million tonnes of edible oils for nearly Rs 1.61 lakh crore during the 2024-25 marketing year ended October.
Asthana feels that short-term measures alone are not enough.
"India's long-term resilience depends on expanding domestic oilseed production, adopting modern agricultural practices, and building more conscious consumption habits. Tightening the belt today is far wiser than struggling with a preventable crisis tomorrow," he said.
India's domestic oilseed production is estimated at 409.98 lakh tonnes in the 2025-26 crop year (July-June).
The SEA president noted that commodity and freight costs worldwide have risen due to global supply pressures from El Nino, Southeast Asian biodiesel mandates and ongoing West Asia tensions.
The rupee depreciation has significantly raised the landed cost of imports, putting growing pressure on India's foreign exchange reserves and overall import bill, he said.
In view of the continuing geopolitical developments in West Asia, Asthana said the SEA has submitted a memorandum to the concerned Ministries, highlighting concerns on rising freight and insurance costs, supply chain disruptions, currency volatility, increased working capital requirements and pressure on domestic edible oil prices.
SEA has suggested measures including freight support, priority berthing for edible oil vessels, export incentives for oilmeals and working capital assistance. PTI MJH SHM
