The Hindu Business Line : Castor oil meet to focus on dipping usage

INDIA has been a world leader in production of castor seed for long and meets a substantial part of global requirement of castor oil. Export of castor oil, seed and derivative products contributes around Rs 700 crore worth foreign exchange.

Last five years have seen world consumption of castor oil — a versatile vegetable oil with varied industrial applications — slowly declining. This alarming development has negative implications for India and calls for an urgent examination of the causes and a plan to reverse the declining trend.

According to the Solvent Extractors' Association of India (SEA), castor oil has immense potential for growth, but the market is unable to take the high growth path because of highly volatile prices and inadequate research and development activity.

``Immediate attention on investment in R&D for newer applications of castor oil and its derivatives, as also better results for existing applications are of paramount importance for the survival of the industry. Due emphasis should be placed on product research, diversification and application'', SEA has pointed out.

In order to examine the issues impacting the castor sector and recommend measures for leveraging India's inherent strengths, a national seminar has been organised by SEA in Ahmedabad on May 22. HLL is the chief sponsor and Multi-Commodity Exchange of India is a co-sponsor.

Industry and trade participants from within the country and abroad are expected to discuss a range of topics including challenges in the emerging global scenario; emerging trends in technology; strategies for export growth; and way for forward for success in futures trading.

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