Despite a significant increase in import duties, India's demand for edible oil is expected to continue rising.
The country, which heavily relies on imports to meet its edible oil needs, is projected to see consumption grow due to factors such as population growth and changing dietary preferences. Recent reports indicate that even with the duty hike, the overall demand for oils like palm and soybean remains strong, driven by competitive pricing and the need for affordable cooking oils in Indian households.
Citations:
[1] https://www.icra.in/Rating/DownloadResearchSpecialCommentReport?id=4278
[2] https://www.ers.usda.gov/publications/pub-details/?pubid=37834
[3] https://www.thehindu.com/business/Economy/indias-july-edible-oil-imports-to-surge-to-record-on-robust-palm-buying-report/article68440100.ece
[4] https://pib.gov.in/PressReleasePage.aspx?PRID=2049737
[5] https://timesofindia.indiatimes.com/city/indore/indias-palm-oil-consumption-reaches-38-of-total-edible-oil-usage/articleshow/111352351.cms
[6] https://www.statista.com/outlook/cmo/food/oils-fats/edible-oils/india
[7] https://tradingeconomics.com/india/exports/brazil/cotton
[8] https://fas.usda.gov/data/opportunities-us-agricultural-products-vietnam-and-thailand