Even after the instructions of the government, the prices of edible oil are not coming down. Regarding this, the government has written a letter to the three major edible oil associations asking them to reduce the price immediately and inform the Food and Public Distribution Department about it regularly.
In a letter to the Solvent Extractors Association of India, Vegetable Oil Producers Association of India, and Soybean Processors Association, it has been said that there has been a fall in edible oil prices globally. In such a situation, the industry associations should talk to their members and ensure the availability of edible oil to the consumers with reduced rates of at least Rs 15 per liter. On July 6, companies were instructed to reduce prices within a week.
Even after five days of the instructions of the government, many companies have not reduced the prices of edible oil. These companies include Adani Wilmar, Ruchi Soya, Kargil, and Alana. So far, only Liberty, Park Agro, and Mother Dairy have reduced prices.
Dependence on oil imports is not in the interest of the country
Heavy reliance on edible oil imports may compromise India's national interest in the long run. Rating and research firm CareAge said in a report, that it is now necessary for India to not only become self-reliant through self-confidence initiatives but also move forward by becoming the best. Self-reliance means being financially prudent as well as strategically savvy. A report said that due to the Russia-Ukraine crisis, major edible oil-exporting countries had banned the export of palm oil. In such a situation, India should increase the production of domestic oilseeds to reduce import dependence. However, it has been increasing in the last few years. Still, it is not being produced as much as it is consumed.
Also Read: Is Recession Coming: Is a recession like 2008 coming again in the world, what will be its effect on India?F
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