Union Finance Minister Nirmala Sitharaman in the Interim Budget Thursday announced a strategy for the country to be Atmanirbhar (self sufficient) in oil seeds such as mustard, groundnut, sesame, soyabean and suflower.
This announcement comes even as low import duty has led India to be come a major destination for imported edible oil- a fact which has drastically affected the realization of the oilseed growers.
Sitharaman, during her speech, said “Building on the initiative announced in 2022, a strategy will be formulated to achieve ‘atmanirbharta’ for oil seeds 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”.
However, for the Oil Year (November- October) 2022-23 India had imported 167.1 lakh tonnes of edible oil which was 16 per cent higher than the previous year.
The Solvent and Extractors Association of India (SEA) — the umbrella body of oil extractors and solvent manufacturers — in a press statement had attributed this to the current 5.5 per cent import duty on crude palm oil.
“This influx of imports has transformed India into a prime destination for excess oil supplies ,” the press statement had said.
India imports around 150 lakh tonnes of edible oil, which is 60 per cent of its domestic consumption.