Higher oilseed production in India, the world's biggest buyer of cooking oils, will cut palm oil imports from Malaysia and Indonesia and trim soyoil and sunflower oil purchases from Brazil, Argentina, Russia and Ukraine.
NEW DELHI: India is likely to announce a five-year plan to cut expensive vegetable oil imports worth US$10 billion a year in next week's federal budget by providing farmers with financial incentives to switch to oilseeds from grains, said three senior government officials.
Higher oilseed production in India, the world's biggest buyer of cooking oils, will cut palm oil imports from Malaysia and Indonesia and trim soyoil and sunflower oil purchases from Brazil, Argentina, Russia and Ukraine.
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