Presently, India imports about 150 lakh tonnes of edible oil, valued at over 1.35 lakh crore (USD 17.25 billion) annually, Solvent Extractors' Association of India (SEA) said in a statement.
"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 said.
This initiative encompasses crucial aspects like research for high-yielding varieties, the widespread adoption of modern farming techniques, the establishment of market linkages, procurement, value addition, and crop insurance, the body said.
"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 association recommended encouraging private partnerships with companies engaged in the oilseed extension programme and research activities under the aegis of the central government.
"This collaborative approach will complement government efforts and significantly contribute to the augmentation of oilseed production and productivity in the country," it said.
{{/usCountry}}"This collaborative approach will complement government efforts and significantly contribute to the augmentation of oilseed production and productivity in the country," it said.
{{/usCountry}}In her budget speech, the finance minister announced that a strategy would be formulated to achieve '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 said.
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 ₹1.38 lakh crore.
The country imports palm oil from Malaysia and Indonesia, while India imports soyabean oil from Argentina and Brazil.