Narendra Modi is spending billions of dollars on self-reliance. On roads and in factories, the Indian prime minister’s slogan translates to generous subsidies for homemade electric-vehicle batteries, solar panels and green hydrogen — anything that can help cut an outsized dependence on Middle Eastern crude oil. There is, however, another imported oil the South Asian nation is addicted to: the one used for cooking. Indian kitchens spend $19 billion annually on Indonesian palm, Ukrainian sunflower and Argentinian soybean oil.
Food bought from overseas soaks up dollars, which no developing economy wants to part with right now. But that isn’t all.