Govt Working to Reduce Dependency on Soyabean Oil: Tipu

Commerce Minister Tipu Munshi has said the government plans to increase domestic production of rice bran and mustard oil to reduce dependency on soyabean oil imports, reports media.

He made the remarks at a meeting of the Task Force Committee on Review of Commodity Prices and Market Situation in the Commerce Ministry on Wednesday.

The minister said, “Already 50,000 to 60,000 tonnes of rice bran are being produced in the country. It is possible to increase the production to 7,00,000 tonnes. Once done, it will cover some 25 per cent of the country's total edible oil demand.”

“Moreover, rice bran oil is healthier, while soybean oil is harmful for the body,” he added.

About the hike in prices of daily necessities, the minister said, “I do not know when the prices will decrease again.  We cannot do anything until prices fall in the international market. People need to be informed about the global situation.”

Talking about the rise in the value of the US dollar, he said, "We have had low imports in the last two years. The sudden increase in imports had an impact on our foreign reserves.”

The minister also called upon all to come forward in unison to face the crisis created in the domestic market in the wake of rising prices of several consumer goods in the international market.