New Delhi: India on Monday lifted a ban on bulk exports of certain edible oils, including groundnut, sesame and soyabean, with a view to boosting shipments and promoting the domestic processing industry.
Interestingly, India meets 60-70% of its domestic edible oil demand through imports. The country imported about 14.5 million tonnes of vegetable oils (edible and non-edible) during 2015-16 oil year (November to October).
“Export of groundnut oil, sesame oil, soyabean oil and maize oil in bulk, irrespective of any pack size has been exempted from the prohibition on export of edible oil,” Directorate General of Foreign Trade said in a notification. So far exports of edible oils were allowed in branded consumer packs of up to 5 kg.