India looking to new countries to buy edible oil: FM Nirmala Sitharaman – Looking to tap new markets for edible oil FM Sitharaman on price rise due to Ukraine-Russia war

Union Finance Minister Nirmala Sitharaman on Tuesday said that India is exploring new options for import of edible oil due to Russia and Ukraine war. The Finance Minister said in a program of Directorate General of Finance Trade (DGFT) that due to Russia-Ukraine war, India is facing a lot of difficulties in the import of edible oil.

India imports 60 per cent of its edible oil requirement from abroad. However, due to the beginning of the war between Russia and Ukraine, where there were obstacles in the import of sunflower oil. At the same time, due to ban on palm oil export of Indonesia, the world’s largest edible oil exporter, there has also been a shortage of palm oil. Due to this, the prices of edible oil are increasing rapidly in the country.

Nirmala Sitharaman said, “Here everyone knows that the war between Russia and Ukraine continued. In such a situation, there are many obstacles in importing edible oil from abroad. We are not able to import edible oil. We have to first sunflower from there. Oil (sunflower oil) used to be available but now it is not happening.” Let us tell you that India has been importing sunflower oil on a large scale from Ukraine but in the current situation this is not happening. Sitharaman said, “In such a situation, we are importing edible oil from many other countries and we are also looking at some new markets.”

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Along with this, he asked domestic businessmen to take advantage of this opportunity and said that the Russia-Ukraine crisis has also created an opportunity for Indian businessmen. He said, “Till now Russia and Ukraine used to sell adibay oil to many countries of the world. But now they are not able to do so because of the war. We have the option of exporting those countries which till now from Russia and Ukraine. Bought edible oil. Industrialists should see every challenge as an opportunity. The central government is always ready to extend its support.”

Sitharaman also urged Indian industries to find partners for setting up joint ventures in Australia and the United Arab Emirates (UAE). “Choosing a joint venture partner in these two countries will help domestic entrepreneurs expand their reach,” he added.

India has signed Free Trade Agreements (FTAs) with Australia and UAE in the last few months. With this, most of the Indian products will not attract import duty in these two countries and they can increase their reach in these markets at a cheaper price.

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