The government is worried about rising edible oil prices. According to Union Finance Minister Nirmala Sitharaman, after the conflict between Ukraine and Russia, India is now looking for new markets for edible oil imports. India imports a large portion of edible oil. According to Sitharaman, the conflict between the two countries has put India in a difficult position. Sitharaman said, "Everyone knows that there is a war going on between Russia and Ukraine. There are many difficulties in importing oil. We know that we cannot import edible oil. We were taking sunflower oil from there," she said. The government is now importing edible oil from many other markets and considering new markets.
According to the finance minister, the Ukraine-Russia conflict has also created opportunities for industrialists in those markets to export. Earlier, Ukraine and Russia were exporting to some markets. They are no longer exporting. We have the opportunity to export to those countries. Entrepreneurs should look for opportunities to turn every challenge into an opportunity. The Central Government is always ready to support them.
Indonesia and Malaysia are the major suppliers of palm oil to India. Crude soybean oil is mainly imported from Argentina and Brazil. At the same time sunflower oil has been imported from Ukraine and Russia. Indonesia's decision to ban edible oil exports, among other reasons, has sent oil prices soaring.