India's import bill of edible oils is likely to shoot up to USD 14 billion in the current fiscal from USD 9.3 billion in 2013-14 as oilseeds' production would be hit by least 8 to 10 per cent due to deficient rains as predicted this season, Assocham today said.
As per the initial indications, the rainfall in edible oil growing states of Gujarat, Rajasthan, Madhya Pradesh, Maharashtra, Karnataka, Tamil Nadu, West Bengal and Andhra Pradesh would be deficient due to El Nino factor hitting the output which in turn will result into higher import dependence on the edible oil, the industry body said.
"The demand of edible oil will continue to grow by 15 per cent per annum due to increasing income levels and fast changing eating habits in rural India and is likely to touch 203.54 lakh million tonnes during 2014-15.
"The edible oil import bill is likely to touch US USD 14 billion due to hike in domestic prices if adequate and timely corrective measures are not taken," Secretary General D S Rawat said.
