ID :
164715
Mon, 02/28/2011 - 13:05
Auther :
Shortlink :
https://oananews.org//node/164715
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INDIA UPS OIL PALM PLANTING TO 60,000 HECTARES TO SLASH IMPORTS
By P.Vijian
NEW DELHI, Feb 28 (Bernama) -- India annnouned Monday it will pump in over RM200 million this year to plant more oil palm to cut palm oil imports, largely from Malaysia and Indonesia. (US$1=RM3.05)
India's Finance Minister Pranab Mukherjee, in tabling 2011-2012 Federal Budget, said the funds would be used to bring 60,000 hectares under oil palm plantation and to integrate farmers with the market.
"To achieve a major breakthrough, we have to pay special attention to oil palm as it is one of the most efficient oil crops.
"The domestic edible oil production meets only about 50 per cent (local) demand. The gap in supply is met through imports which are often at high prices due to the quantum of our requirements," he told parliament.
He also said recent interventions and good rain are expected to result in a higher oilseeds production of 278,000 tonnes in 2010-11 as against 249,000 tonnes in 2009-10.
India, Asia's third largest economy growing at about eight per cent per annum, consumes about seven million tonnes of palm oil annually.
It imports slightly over one million tonnes of palm oil from Malaysia, the world's second largest producer.
India's trillion-dollar economy is expected to grow at nine per cent in 2011-12.
NEW DELHI, Feb 28 (Bernama) -- India annnouned Monday it will pump in over RM200 million this year to plant more oil palm to cut palm oil imports, largely from Malaysia and Indonesia. (US$1=RM3.05)
India's Finance Minister Pranab Mukherjee, in tabling 2011-2012 Federal Budget, said the funds would be used to bring 60,000 hectares under oil palm plantation and to integrate farmers with the market.
"To achieve a major breakthrough, we have to pay special attention to oil palm as it is one of the most efficient oil crops.
"The domestic edible oil production meets only about 50 per cent (local) demand. The gap in supply is met through imports which are often at high prices due to the quantum of our requirements," he told parliament.
He also said recent interventions and good rain are expected to result in a higher oilseeds production of 278,000 tonnes in 2010-11 as against 249,000 tonnes in 2009-10.
India, Asia's third largest economy growing at about eight per cent per annum, consumes about seven million tonnes of palm oil annually.
It imports slightly over one million tonnes of palm oil from Malaysia, the world's second largest producer.
India's trillion-dollar economy is expected to grow at nine per cent in 2011-12.
