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Monsoon deficit can up edible oil import bill to $14 bn: Assocham

  • Deficient monsoon is building pressure on edible oils, which may send India's import of key cooking ingredient soaring to $14 billion in the current financial year, a study by industry body Assocham said. The deficit in average rainfall so far for 2015-16 is 12 percent, according to the latest available information. "Therefore, assuming that the production of oil seeds for 2015-16 remains at the level of 2014-15 and anticipating a rise in demand, vegetable oils imports would reach around $14 billion for 2015-16, which was around $10 billion last year," said the study by the Associated Chambers of Commerce and Industry of India (Assocham). Source: IANS