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Forty Candidate Plus Trees (CPTs) of Pongamia pinnata were selected based on the morphometric traits to identify suitable seed sources with high oil content and for production of quality seedlings for mass afforestation in different forestry and agroforestry programmes. Significant genetic variability and association were recorded among 40 CPTs for pod and seed traits. Maximum 100-seed weight (186.80 g) and pod-weight (403.94 g) was recorded in CPT-33, while CPT-18 showed maximum oil content (44.07%). In general, phenotypic coefficient of variation was higher than genotypic coefficient of variation indicating the predominant role of environment. High heritability (broad sense) and genetic gain observed for pod-seed ratio (99.00%, 87.78%), 100-seed weight (100.00%, 66.99%) and 100-pod weight (98.00%, 57.38%), respectively indicate additive gene action. Seed weight and pod weight showed positive and significant correlation with oil content. CPTs 18, 20, 33, 13 and 29 were found to be the best on the basis of oil content and pod-seed characters.