Interim Budget 2024: Govt to formulate plan to make India self-reliant in edible oils
Centre will further promote private and public investment in post-harvest activities to boost food processing levels and farmers’ income: FM
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New Delhi: The government will formulate a strategy to make India self-reliant in edible oils by boosting domestic output of oilseeds and launch a comprehensive programme to support dairy farmers, Finance Minister Nirmala Sitharaman announced on Thursday.
India imports a large quantity of edible oils to meet the domestic demand. During the 2022-23 marketing year (November-October), the country imported nearly 165 lakh tonnes of cooking oils, valuing a whopping Rs 1.38 lakh crore.
The finance minister said the government will further promote private and public investment in post-harvest activities to boost food processing levels and farmers’ income. Application of nano-liquid DAP (di-ammonium phosphate), a key fertiliser, will be expanded to all agro-climatic zones. Presenting a vote on account for 2024-25, also known as the interim Budget for the period till the new government comes into office after general elections, she said the government will step up efforts for value addition in the agricultural sector and boosting farmers’ income.
“Farmers are our ‘Annadata’. Every year, under the PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana. These, besides several other programmes, are assisting ‘Annadata’ in producing food for the country and the world,” Sitharaman highlighted. The agriculture sector is poised for inclusive, balanced, higher growth and productivity, she said, adding that these are facilitated by farmer-centric policies, income support, coverage of risks through price and insurance support and promotion of technologies and innovations through startups. To reduce dependence on imports of edible oils to meet domestic demand, the interim Budget also proposes that a strategy will be made to make the country self-reliant by boosting domestic production of oilseeds.
“Building on the initiative announced in 2022, a strategy will be formulated to achieve ‘atmanirbharta’ for oilseeds, such as mustard, groundnut, sesame, soybean, and sunflower. This will cover research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance,” Sitharaman said. According to data compiled by the Solvent Extractors’ Association of India (SEA), the country’s vegetable oils import rose 16 per cent to 167.1 lakh tonnes in the current oil year that ended in October 2023. It had imported 144.1 lakh tonnes of vegetable oils in the previous 2021-22 oil year (November-October).
