Indonesia's decision will be fatal for India!!
Edible oil will become more expensive; Indonesia's decision will be fatal for India
Indonesia is the world's largest producer of palm oil. malaysia ranks second. Indonesian President Joko Widodo has announced a ban on palm oil exports. His decision will have a detrimental effect on India's palm oil imports. Experts say india will now have to increase its dependence on Malaysia.
India imports about nine million tonnes of palm oil. About 70 percent of this palm oil comes from indonesia and 30 percent from Malaysia. In 2020-21, india imported 83.1 lakh tonnes of palm oil. The country's edible oil prices are likely to rise further in the coming months. Its direct impact will be felt by the common man who is struggling with inflation.
Indonesia's decision is likely to push up global food inflation. Which is at record levels after Russia's invasion of Ukraine. The price of mustard oil is high in the country. Sunflower oil, on the other hand, has become more expensive due to the disruption of the supply of sunflower oil due to the Russia-Ukraine war. Now that Indonesia's palm oil exports have stopped, inflation is likely to rise further. The government of india is constantly focusing on palm oil production. The National Edible oil Campaign aims to triple palm oil production in india by 2025-26.
Earlier, indonesia had banned palm oil exports in January. But, she was raised in March. The ban is being imposed at a time when the country is already reeling under inflation. The decision will force people to lower their pockets for cooking oil. The supply of edible oil in the country should be adequate. President Joko Widodo said in a statement that he would "keep an eye on the situation and keep it low."
Indonesia is the world's largest producer of palm oil. malaysia ranks second. Indonesian President Joko Widodo has announced a ban on palm oil exports. His decision will have a detrimental effect on India's palm oil imports. Experts say india will now have to increase its dependence on Malaysia.
India imports about nine million tonnes of palm oil. About 70 percent of this palm oil comes from indonesia and 30 percent from Malaysia. In 2020-21, india imported 83.1 lakh tonnes of palm oil. The country's edible oil prices are likely to rise further in the coming months. Its direct impact will be felt by the common man who is struggling with inflation.
Indonesia's decision is likely to push up global food inflation. Which is at record levels after Russia's invasion of Ukraine. The price of mustard oil is high in the country. Sunflower oil, on the other hand, has become more expensive due to the disruption of the supply of sunflower oil due to the Russia-Ukraine war. Now that Indonesia's palm oil exports have stopped, inflation is likely to rise further. The government of india is constantly focusing on palm oil production. The National Edible oil Campaign aims to triple palm oil production in india by 2025-26.
Earlier, indonesia had banned palm oil exports in January. But, she was raised in March. The ban is being imposed at a time when the country is already reeling under inflation. The decision will force people to lower their pockets for cooking oil. The supply of edible oil in the country should be adequate. President Joko Widodo said in a statement that he would "keep an eye on the situation and keep it low."