MUMBAI: Edible oil imports are likely to surge by 54 per cent to 16 million tonnes in 2020/21 as demand rises at a much higher rate than local supplies, a leading trade expert said in a presentation at a conference on Sunday.
Rising prosperity in rural areas due to state-run employment generation schemes and increasing urbanisation would be key demand drivers, said Govindbhai G. Patel, managing partner of GG Patel & Nikhil Research Co.
"All India per capita consumption is 13.80 kg, but in many states it is about 10 to 11 Kg. Consumption growth in these states will be more ... rising labour income is increasing the income level of people who are consuming much below the all-India level," he said.
India's edible oil imports in the 2012/13 year ending on Oct. 31, 2013, would be 10.4 million tonnes, he estimated.
He said India's edible oil demand was set to jump by 46 per cent to 25.2 million tonnes in 2020/21, while local supplies are likely to rise by 37 per cent to 9.2 million tonnes.