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Expectations From the Indian Mustard Oil Industry in 2020

Budget 2020 expectations of Indian mustard oil industry

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Mustard Oil is an integral part of Indian agriculture, cuisine and culture. Wikimedia Commons

BY VIVEK PURI

India has emerged as the largest importer of edible oil in the world. The country imported millions of tonnes of edible oil last year from October 2018 to November 2019, which is a record in itself. The nation’s dependence on imported oil is expected to reach alarming levels up to 60-65 per cent.

India continues to remain an oil deficit country and imports millions of tonnes of edible oil each year to meet the demand-supply gap, making it the world’s largest importer of edible oils.

Without a dedicated focus on and support for India’s own domestic oilseed production, it would be challenging to become self-reliant in the edible oil sector. There is an urgent need to have a vision and a plan for this industry. We need to learn from the oilseed producing countries and adopt their best practices, which in turn would enable us to work towards doubling farm incomes by 2022.

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Mustard is one of the most important winter oilseed crops of country. Pixabay

Mustard is one of the most important winter oilseed crops of country. The area under cultivation witnesses some fluctuations year-on-year and has been reported to have declined marginally by one per cent as compared to last year, although the yield has been reported to have increased marginally year-on-year. However, it is still lagging far, far behind the international standards.

During the eighties, the Oilseeds Technology Mission was launched to raise the productivity of oilseed crops, with a view to reducing the import bill, which was nearly 50 per cent of our domestic requirement at that time, and in a span of 10 years after its launch, India became almost self-sufficient in edible oils, in 1993-94, with only three per cent imports, 97 per cent of edible oils were produced within the country. However, over the years, the Oilseeds Technology Mission could not keep up with the times.

The government of India should formulate a favourable policy for the indigenous edible oils sector which benefits farmers, consumers and manufacturers equally. The objective underlying the creation of the commodity exchanges in India was to benefit farmers.

Unfortunately, since the majority of farmers do not transact through commodity exchanges, which was its prime objective, it has gone into the hands of speculators, which has artificially impacted the physical market. Hence, we require a regulator like SEBI, which can keep a watch on such malpractices.

For some time now, Puri Oil Mills Limited has been recommending the establishment of a Mustard Oil Development Board by the government. Largely, such a board can be modelled along the lines of the American Soybean Association or Spain’s International Olive Council that protects and promote the interests of olive and olive oil producers, or the Malaysian Palm Oil Board, established by the Malaysian government with the aim of promoting palm oil all over the world.

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The proposed Mustard Oil Development Board can play a pivotal role through research and development by developing value added products like the soya industry. Wikimedia Commons

The proposed Mustard Oil Development Board can play a pivotal role through research and development by developing value added products like the soya industry has done by developing soya protein, soya milk and soya nuggets, among others. Similarly, it can ensure an integrated approach to the development of the mustard industry by enhancing value addition across mustard-based products.

To conclude, Mustard Oil is an integral part of Indian agriculture, cuisine and culture. Such is the sanctity of Indian mustard oil that even our ancient treatises, find a mention of mustard’s virtues as a valuable food crop and for its medicinal properties. The medical and scientific fraternity has been rediscovering the significant health benefits offered by mustard oil.

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A series of studies have shown that it is the best edible oil for heart health in India, given the dietary habits, lifestyles and culinary practices prevalent across the country. Therefore, mustard seed and Indian mustard oil does not just have economic relevance but is also an integral part of India’s rich culinary heritage.

The Indian mustard oil industry hopes Finance Minister Nirmala Sitharaman will take note of this in the Union Budget for 2020-21. (IANS)

Next Story

Upcoming Events in India

Know about the upcoming mega-events in India

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India organizes several events every year and these events are followed by some trends to hype up the event industry. Wikimedia Commons

India organizes several events every year and these events are followed by some trends to hype up the event industry, these trends are bang on and help in making the event successful. These trends keep on changing from time to time, but there are some trends which are evergreen and some are just for the time being. 

Indian markets are growing rapidly with the new industries and brands coming up, and these industries and brands conduct different events to gain interactive experience and popularity. The events in India are categorised into:

  • Entertainment Events- award ceremony, promotions, music or video release, gaming, etc.
  • Corporate Events- seminars, conferences, training programs, etc.
  • Social Events- birthday parties, weddings, get together, etc.
  • Educational Events- TEDx, community service, etc.

Let’s discuss about some of the events taking place in India.

India Events
TEDx is an educational events that takes place in various parts of India and the world. Wikimedia Commons

IPL- Indian Premier League

IPL tops the list of commercial events in India and is the biggest and most popular cricket league. Board of Cricket Control in India (BCCI) was the founder of IPL. The first event of IPL was organized in 2008 and since then it has grown leaps and bounds in popularity among the masses. IPL follows the Twenty20 cricket pattern and is played in the month of March or April and May. 

This is a franchisee based cricket league with eight teams which represent eight different cities in India. International cricket players also participate in this event. IPL became the first sporting event to be broadcasted live on YOUTUBE, in 2010. IPL has completed twelve seasons of the event and Mumbai Indians are the current title holders who the tournament in 2019.

SUNBURN

SUNBURN which is owned by Percept Ltd. started from Vagator beach, Goa in 2007, is now Asia’s largest music festival. It is a commercial Live EDM (Electronic Dance Music) festival in India, with a huge fan following, organized in Goa and Pune. Sunburn also organizes many concerts in IIMs, IITs, IISERs and many other colleges which helps the EDM craze grow among the teenagers and portrays an evolving modern change throughout Indian colleges. More than 100 international artists and DJs participate and play live in the main Sunburn event which takes place by the end of December. Sunburn gets an enthusiastic participation for this pandemonium of fun, food, music and frolic.

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IPL tops the list of commercial events in India.

IGX- INDIAN GAMING EXPO

IGX is one of the largest gaming festival of India featuring IGX battles, cosplay, performances (like live gaming, music, stand-up comedy, etc.), workshops, panels, product launches, first look of games to be launched, experience of VR multiplayer, racing simulation and board games and exclusively the block buster games and latest hardware. It has been more than 3years now since the event is being organised and its visitors count is nearing the 100,000 mark. The distinct features of the event which make it sought after are its gaming cosplay and interaction of gamers, prospective and aspiring students with the representatives of universities and colleges in the field of computer games. The games offered in events like IGX are only for entertainment with no real money involved as gambling is restricted in India except for lotteries and horse racing. But you can enjoy the gaming experience at the brick and mortar casinos in Goa, Sikkim and Daman.

Even though Indian casinos cannot promote online casino games, and the situation with online betting in India is not 100% clear. Officially, betting and gambling are illegal in India. However, no laws specifically make online betting illegal, and there are numerous offshore betting platforms that accept bets from Indian citizens.

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Conclusion

Above we have discussed just a few events happening in India of different genres. There are many other commercial events, sports events, non-commercial events like ISL, Pro Kabaddi League, Pro Wrestling League, NH7 Weekender, India Bike Week, ESL, Dream Hack, Phoenix Gaming Expo(PGX), etc happening on a large scale all-round the year. All these events are done on a big scale to build an image, for a better interaction with interested prospects and to gain popularity.