NAFED lines up big plans to import edible oil
The National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) has decided to actively trade in imported edible oils after failing to procure sufficient quantity of mustard seeds from domestic market due to high price.
By PTI |
NEW DELHI: The National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) has decided to actively trade in imported edible oils after failing to procure sufficient quantity of mustard seeds from domestic market due to high price.
"We will increase our volume of import of edible oils as there is a demand for them in the country," NAFED Managing Director Alok Ranjan told the media.
NAFED, the nodal agency for procuring oilseeds and pulses at the minimum support price (MSP) to prevent distress sale, has imported 15,000 tonnes of edible oil till now, he said, adding that palm oil accounted for 90 per cent of this import.
Ranjan said the cooperative would import both soya and palm oil, the two major imported oils having a share of over 95 per cent in total edible oil imports.
Though, most of the oils imported would be sold to state governments (for their oil cooperatives), millers would also be sold the imported oil, he said.
"There is no target fixed for the quantity of import. We will import according to market demand," he said.
NAFED has this year procured only 21,000 tonnes of mustard seeds against 21 lakh tonnes bought last year.
"The low procurement of mustard by Nafed is because of higher price of the commodity in the domestic market against the MSP fixed by the government," a government official said.
The MSP for mustard, which is grown in the Rabi season, is Rs 1,715 per quintal whereas the current market price is in the range of Rs 1,850-1,900 per quintal, a trader said.
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