#Business

Puri Oil Mills Seeks PLI Support, Export Push in Upcoming Budget

Puri Oil Mills, a leading manufacturer of mustard oil, has urged the Indian government to provide crucial support to the sector through Production-Linked Incentives (PLI), the creation of a dedicated development board, and the resolution of export barriers in the upcoming Union Budget.

Vivek Puri, Managing Director of Puri Oil Mills and promoter of P Mark Mustard Oil, emphasized the significant potential of mustard oil in India’s MSME sector. He noted that it could expand further to meet growing domestic and international demand, particularly as India produced a record 12 million tonnes of mustard oilseed in the fiscal year 2023-24.

In an interview with PTI, Puri stressed that mustard oil is a vital component of the food processing industry and the government’s support through PLI schemes would boost domestic manufacturing capabilities and exports. Experts predict the mustard oil market to grow at a Compound Annual Growth Rate (CAGR) of 4.1% from 2024 to 2032, driven by increasing health awareness and demand from both urban and rural sectors.

Puri also called for incentives similar to carbon credits for sustainable businesses. He explained that the traditional cold press method of mustard oil extraction generates zero direct carbon emissions and retains high nutritional quality.

Furthermore, Puri proposed the establishment of a “Mustard Oil Development Board,” similar to Malaysia’s Palm Oil Promotion Council, to promote Indian mustard oil globally and encourage research into value-added products.

However, export growth is hindered by restrictions in the United States and several European countries, which have classified mustard oil as “for external use only.” This limits its market potential despite the large South Asian diaspora in these regions. Puri urged the government to engage in discussions with these countries to remove such barriers and implement export-friendly policies.

Puri also suggested declaring an “International Year of Mustard Oil,” implementing measures against adulteration, and focusing on the promotion of mustard seed cultivation. With its 40% oil content, mustard is considered a highly efficient oilseed.

The Niti Aayog’s report on edible oils highlights mustard oil and oilseeds as key solutions to India’s goals of achieving self-sufficiency in edible oil production, a priority for the government.

Founded in 1933, Puri Oil Mills operates three manufacturing plants in Punjab, Himachal Pradesh, and Haryana, producing P Mark mustard oil for the Indian market.

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