New Delhi. The Indian government has banned the import of palm oil from Malaysia. Baba Ramdev is most happy with this ban because it will benefit domestic companies like Patanjali and Adani. Malaysia criticized India on Kashmir, CAA. The ban on the import of refined palm oil from Malaysia could prove to be a boon for domestic edible oil companies like Adani Wilmer, Emami Agrotech, Patanjali Ayurved, Kargil, Gokul Agro. All these companies were facing a lot of difficulties due to the stock of imported oil and were not able to utilize their full potential.
In fact, the rate at which these companies sell refined palm oil in India is higher than in Malaysia. Palm oil remains cheap even after importing from here. Patanjali has recently bought bankrupt edible oil company Ruchi Soya. The said companies dominate the edible oil market, so they will also benefit the most from the ban on imports. Significantly, the dispute between Malaysia and India increased after the opposition of the Malaysian Prime Minister Mahathir Mohammad to the Government of India's stand on Kashmir and citizenship law.
India has banned the import of refined palm oil from Malaysia and this There are also indications that India may also ban the import of other goods. In fact, India has taken this step when the Prime Minister of Malaysia, Mahathir Mohammad, has strongly criticized India from the Kashmir issue to the citizenship law. Mahathir had said about the citizenship law that it is completely unfair. Apart from this, India is also angry with the granting of shelter to the disputed Islamic religious teacher Zakir Naik.
BV Mehta, executive director of the Solvent Extractors Association of India (SEAI) said, 'In the year 2019, domestic edible oil refineries are only 40% of their capacity. We have been able to use it, whereas in its last year they used 60 per cent capacity. The entire industry was on the verge of closure. If the government does not ban imports, then they had no other option to save their existence. ”Significantly, the government has not imposed any ban on the import of crude or non-refined palm oil from Malaysia. The advantage will be that domestic companies will cheaply import crude oil and sell it by refining itself here. Mehta said, 'The industry has been demanding for a long time that imports be banned for some time. We import 95 lakh tonnes of palm oil every year. '