Presently, India imports about 150 lakh tonnes of edible oil, valued at over 1.35 lakh crore (USD 17.25 billion) yearly, Solvent Extractors’ Association of India (SEA) mentioned in a press release.

“We extend our appreciation to the government for unveiling the visionary ‘Atmanirbhar Oil Seeds Abhiyan’, which focuses on key oilseeds like mustard, groundnut, sesame, soybean, and sunflower,” SEA President Ajay Jhunjhunwala mentioned.

This initiative encompasses essential features like analysis for high-yielding varieties, the widespread adoption of contemporary farming methods, the institution of market linkages, procurement, worth addition, and crop insurance coverage, the physique mentioned.

“In our appeal to the Finance Minister, we earnestly request adequate financial support for the successful implementation of the ‘Atmanirbhar Oil Seeds Abhiyan’. Our goal is to reduce the current dependency on edible oil imports from 60 per cent to 30 per cent over the next five years,” SEA added.

Additionally, the affiliation really helpful encouraging non-public partnerships with corporations engaged within the oilseed extension programme and analysis actions below the aegis of the central authorities.

“This collaborative approach will complement government efforts and significantly contribute to the augmentation of oilseed production and productivity in the country,” it mentioned.

In her finances speech, the finance minister introduced {that a} technique can be formulated to attain ‘atmanirbharta’ for oil seeds like 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,” she mentioned.

India imports a big amount of edible oils to satisfy the home demand. During the 2022-23 advertising and marketing yr (November-October), the nation imported practically 165 lakh tonnes of cooking oils, valuing a whopping ₹1.38 lakh crore.

The nation imports palm oil from Malaysia and Indonesia, whereas India imports soyabean oil from Argentina and Brazil.