MUMBAI (Reuters) - India’s palm oil production could double in 5 years to 600,000 tonnes as yields rise and farmers expand acreage after New Delhi raised import tax on the tropical oilseed, a senior industry official said on Thursday.
India is the world’s biggest edible oil importer and relies on Malaysia and Indonesia for palm oil supplies.
An increase in production will help India slash edible oil imports that account for nearly two thirds of its total consumption.
“Production is exponentially going up. More area is coming under cultivation,” said Nasim Ali, head of Oil Palm Plantations at Godrej Agrovet Ltd.
Reporting by Rajendra Jadhav in Mumbai; Editing by Subhranshu Sahu