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Thank You, Trump: China Resumes Import Of Oil Meal From India After Six Years
Prime Minister Narendra Modi ( L) shakes hands with Chinese President Xi Jinping (R) (Wang Zhou - Pool/Getty Images)
People’s Republic of China (PRC) has taken a move that will potentially double India’s export of oil meal in the near future. After a span of six years, China has made up its mind to lift the ban that has been in place since 2012. This will increase India’s exports of popular cattle, poultry feed and rapeseed meal. This move is a result of China’s ongoing trade-war with the United States, reported Financial Express.
For the import of rapeseed meal, five companies have been approved including Adani Wilmar and Ambuja Exports. Because of China’s demand, India will be exporting around 4-5 lakh tonnes this year, leading to a total exports of animal feed to be around 15 lakh tonnes.
Indian government has launched a targeted programme to increase oilseeds output by nearly 46 per cent by 2022. Therefore, there will be a total export capacity of 45.65 million tonnes.
Oil meals worth Rs 435 crore was imported to China in 2011-12. This comes after the trade war with US since the Americans had imposed an additional 25 per cent duty on imports of commodities related to agriculture that have an American origin.
It is said that National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) has over 1.45 million tonnes of oilseed stock.
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