India seeks to boost stagnant oilseed output to cut expensive veg oil imports

India would step up efforts to boost local oilseed production, the finance minister said on Wednesday, as part of plans to cut pricey imports of vegetable oils from the world's top edible oil producers in Asia, South America and the Black Sea region. India, the world's biggest vegetable oil importer, spent a record $20.8 billion on its edible oil purchases in the fiscal year to March 2023. Stagnant oilseed production forces the country to import more than two-thirds of its annual vegetable oil consumption of around 23 million metric tons.