New Delhi, Mar 17 (PTI) Oilseeds trade body Central Organization for Oil Industry & Trade on Wednesday said it has urged the government to promote the cultivation of genetically modified (GM) oilseeds in the country to boost domestic production.

India's dependence on imports, which was only 10 per cent in 1994-95, has gone up to about 70 per cent, mainly because of low productivity and increasing demand driven by improvement in living standards and growing population, it said.

"Under the current situation of inadequate availability of edible oilseeds from domestic sources, COOIT has suggested that the government should promote the cultivation of GM oilseeds in the country," the trade body said in a statement.

Central Organization for Oil Industry & Trade (COOIT) Chairman Babu Lal Data cautioned that if indigenous productivity and production do not go up significantly, the country's dependence on imported oil will increase considerably.

"Considering the prevailing situation and for the immediate relief to consumers, the government may consider removing the applicable 5 per cent GST on edible oils," Data said.

According to COOIT, the country's annual per capita consumption has shown an increasing trend from 15.8 kg in 2012-13 to current levels of 19-19.5 kg. However, at 1,200 kg/hectare, Indian oilseed yields are about half of the world's average and less than one-third of top producers.

Some of the important issues concerning the oilseeds sector will be discussed at the 41st All India Rabi Seminar on 'Oilseeds, Oil Trade & Industry' to be held on March 20 here in the national capital, it said.

Established in 1958, COOIT is the national apex body representing the interests of the entire vegetable oil sector in the country and its members include state-level associations, prominent manufacturing/business, trade and export houses.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)