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Among the agricultural commodities imported by India, which one of the following accounts for the highest imports in terms of value in the last five years?
- a)Spices
- b)Fresh Fruits
- c)Pulses
- d)Vegetable Oils
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Among the agricultural commodities imported by India, which one of the...
The import of vegetable oils in India is highest in last five years due to a cut in duty as mandatory under the Malaysia-India Comprehensive Economic Cooperation Agreement (MICECA). Signed in October 2010 with South East Asian countries.
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Among the agricultural commodities imported by India, which one of the...
Explanation:
India is one of the largest importers of agricultural commodities in the world. Among the various agricultural commodities imported by India, vegetable oils account for the highest imports in terms of value in the last five years. The following are the reasons for this:
Growing demand for edible oils: The demand for edible oils in India has been growing steadily due to increasing population, changing dietary habits and rising income levels. Vegetable oils are the main source of cooking oil in India, and hence the demand for vegetable oils has been increasing.
Insufficient domestic production: India is unable to meet the domestic demand for vegetable oils due to insufficient domestic production. The domestic production of vegetable oils has been stagnant for the past few years, and hence India has been relying on imports to meet the demand.
Low import duties: The Indian government has been keeping the import duties on vegetable oils low, which has made imports more attractive compared to domestic production. This has also led to increased imports of vegetable oils.
Cheaper imports: The imports of vegetable oils are cheaper compared to domestic production due to various factors such as lower labour costs, higher productivity, and better technology in the exporting countries.
Conclusion:
Vegetable oils such as palm oil, soybean oil, sunflower oil, and canola oil are the main types of vegetable oils imported by India. The increasing demand for edible oils, insufficient domestic production, low import duties, and cheaper imports have led to vegetable oils accounting for the highest imports in terms of value in the last five years.
India is one of the largest importers of agricultural commodities in the world. Among the various agricultural commodities imported by India, vegetable oils account for the highest imports in terms of value in the last five years. The following are the reasons for this:
Growing demand for edible oils: The demand for edible oils in India has been growing steadily due to increasing population, changing dietary habits and rising income levels. Vegetable oils are the main source of cooking oil in India, and hence the demand for vegetable oils has been increasing.
Insufficient domestic production: India is unable to meet the domestic demand for vegetable oils due to insufficient domestic production. The domestic production of vegetable oils has been stagnant for the past few years, and hence India has been relying on imports to meet the demand.
Low import duties: The Indian government has been keeping the import duties on vegetable oils low, which has made imports more attractive compared to domestic production. This has also led to increased imports of vegetable oils.
Cheaper imports: The imports of vegetable oils are cheaper compared to domestic production due to various factors such as lower labour costs, higher productivity, and better technology in the exporting countries.
Conclusion:
Vegetable oils such as palm oil, soybean oil, sunflower oil, and canola oil are the main types of vegetable oils imported by India. The increasing demand for edible oils, insufficient domestic production, low import duties, and cheaper imports have led to vegetable oils accounting for the highest imports in terms of value in the last five years.
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Among the agricultural commodities imported by India, which one of the following accounts for the highest imports in terms of value in the last five years?a)Spicesb)Fresh Fruitsc)Pulsesd)Vegetable OilsCorrect answer is option 'D'. Can you explain this answer?
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