Edible Oil- Big news for middle class people. Central Government is going to take big step. The central government, which is striving for self-sufficiency in edible oil, has taken an important step to bring transparency in its business and increase monitoring. The Consumer Ministry has amended the Vegetable Oil Product, Production and Availability (Regulation) Order-2011, after which it has been made mandatory for edible oil manufacturers and sellers to submit online reports every month.
This will keep a close watch on the production, stock and import of oils by the government. This amendment is an important step towards updating the old order prepared under the Essential Commodities Act according to the current needs. The institutional changes that took place after the merger of the Directorate of Statistics related to vegetable oil import and consumer affairs in 2014 and the provisions of the Statistics Collection Act have also been included in it.
Its purpose is to strengthen the data collection system in the edible oil sector. The government believes that accurate and timely information on domestic production, stock and imports will make it easier to take policy decisions. If needed, changes can be made in import duty or imports can be promoted. This will help in keeping retail prices stable and improving the availability of edible oil across the country.
Under this initiative, the portal has also been upgraded and made user-friendly. Under the revised order, all edible oil processors, manufacturers and repackers will have to compulsorily register on the portal. They will also have to submit monthly data.
This decision has also received support from FSSAI, Animal Husbandry Department and edible oil industry associations. The government hopes that this will strengthen evidence-based policy making, market transparency and national food security goals.