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Mumbai, 20 Mar (Commoditiescontrol): According to a recent announcement by the Solvent Extractors' Association of India, the country is likely to harvest a record 11.5 million tonnes of rapeseed this year, representing a 7.5% increase from last year's production.
This surge in output is attributed to the record planting of winter-sown oilseed, despite the unfavourable weather conditions in January that affected yields. While farmers planted rapeseed across a record area of 9.8 million hectares this year, frost and heatwave hit crop yields.
India, the world's largest importer of vegetable oils, produced 10.7 million tonnes of rapeseed last year. With this year's projected increase in output, the country hopes to cut back on expensive imports of vegetable oil, which currently meet more than 70% of its cooking oil demand.
The government has forecasted a record rapeseed production of 12.8 million tonnes based on the higher area.
The news is a positive development for the agriculture industry in India, and the increase in rapeseed production is likely to impact the country's economy positively as well.
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