Government allows Palm oil import without license to bring down the prices

Tags: Economics/Business

• The Government of India has allowed traders to import refined palm oil without licence for one more year till December 2022, in a move aimed at increasing domestic supplies and bringing down the high prices of edible oils.
• India is the largest importer of edible oil/palm oil in the world.
• The major source of Palm oil imports for India are   Indonesia  followed by Malaysia 
• The largest producer of Palm oil in the world is Indonesia followed by Malaysia.
• The largest producer of palm oil in India is Andhra Pradesh followed by Telangana. 

Palm oil is the preferred oil in India's Hotel/Recreation and Catering sector as it is comparatively cheaper than other soft oils such as soybean and sunflower, has a longer shelf life, and is stable at high temperatures used in frying. Meanwhile groundnut, soybean and mustard oils are popular household cooking oils in the country.