Despite the increase in oilseed production, the price of edible oils skyrocketed

- Commodity Current: Jayavadan Gandhi

Purchasing plantings are likely to be reactivated after the monsoon becomes active after a long time. However, with the onset of rains, plantings have declined by an average of 8 to 10 per cent. In particular, cereal cultivation has declined by as much as 15 per cent. At the same time, the cultivation of beans and oilseeds has declined. According to government data, soybean, groundnut and castor have been reduced by 2.4 per cent, 12 per cent and 4 per cent, respectively. Even in pulses, except Tuvar, planting in Adad, Mug, Math has been broken. The country's oilseed production has increased by 3 million tonnes in the last two years. In the year 2016-17, the production of oilseeds in the country was 215 lakh tonnes, while in 2016-20, the production increased to over 6 lakh tonnes, but the price of edible oils remained in the sky. In particular, soybean and castor prices are trading at high levels above Rs 215 and Rs 500, respectively.

Edible oil prices have risen by an average of 80 per cent in the last week. However, according to analysts, global factors are becoming more responsible for the rise in edible oils. Other countries in the world, such as Canada, Brazil, Argentina and the United States, are experiencing droughts due to over-heating of palm oil imports and higher domestic production. The growing poor condition of covid corona in Malaysia and Indonesia is having a significant impact on palm oil production. As a result, the price has risen by ૧ 100 globally in the last fortnight. Palm oil prices have risen from ૩ 1,050 per tonne to 1,150 tonnes, soyoil prices have risen from ૨૨ 150 to ૩૨૫ 16 per tonne and sunflower oil prices have jumped from ૨ 1,200 to around પ્રતિ 150 per tonne. Restrictions on edible oils have led to an increase in refined palm oil due to a short-lived policy. Demand from Nepal and Bangladesh is also on the rise due to zero duty on refined oil in the country. Demand for this specialty has grown significantly as a result of recent corporate scandals.

India is also one of the top ten countries in the world in terms of exports against the gradual increase in agricultural production in the country in recent years. According to the World Trade Organization (WTO), India is the world's leading exporter of rice, cotton, soybeans and meat. In particular, India is ahead of Thailand in rice exports. In the year 19, Thailand was the largest exporter of rice with a contribution of 4%. In 2016, India's rice exports surpassed Thailand's, accounting for 4% of total exports. India also ranks third in the world in cotton exports. India also ranks ninth in soybean exports. However, India still lags far behind in exports of value-added products. During the Corona epidemic, India was noted to be the world's leading supplier of food and other medicines. Among the rice exports, a record 1.4 million tonnes of non-basmati rice was exported last year. At the same time, around 3 lakh tonnes of basmati rice has been exported. In total, rice exports have crossed Rs 200 crore in 2015-16.

The most exported spice items have been chillies. China is the largest buyer of Indian chilli products. In 2017-20, China bought an average of 1.50 lakh tonnes of chillies from India. Which bought barely ten thousand tonnes last year. Demand for Indian chillies from China, Africa, South Asia and West Asia has been steadily increasing. During the year 2020-21, the total export of chillies in the world was around 600 lakh tonnes of 600 crore. Apart from this, cumin is the second largest export after chilli. With the increase in cumin quantity by 20 per cent, around 4.5 lakh tonnes of cumin has been exported. 1.4 lakh tonnes of turmeric worth Rs 15 crore and ginger worth Rs 5 crore have been exported. In addition, the export of spices like cardamom, fenugreek, mint has also increased due to its boosting immunity.