ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Bridging the Edible Oils Gap

Bridging the Edible Oils Gap D P Sharma THE edible oils scenario has undergone a perceptible change since about the beginning of January. Prices which had been ruling firm till about the end of December reflecting mainly the failure of the groundnut crop in Saurashtra have come down by 4 to 18.5 per cent from their January 3 highs (for details see the accompanying table). The decline in prices has had very little to do with the government's efforts to discipline the market through persuasion (voluntary groundnut oil price freeze) and coercion (dehoarding drive). Apart from being altogether ill-conceived, the scheme of voluntary oil price freeze was never really implemented earnestly by the trade and industry. And the dehoarding drive had only a marginal impact. Going by press reports, the Gujarat government seized groundnut oil and seeds belonging to GROWFED worth Rs 11.55 crore from Junagad. Significantly enough, the entire stock was said to have been sold to NDDB. GROWFED the state's largest co-operative complex has often figured as a buying and selling agency of NDDB.

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