Agri Picks Report October 07, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The government has allocated INR 101 billion for the National Edible Oil Mission to make India self-sufficient in edible oils, Agriculture Minister Shivraj Singh Chouhan told a press conference in Bhopal, Madhya Pradesh, Friday. According to a press release issued by his ministry, Chouhan said the goal is for farmers to cultivate oilseeds across 1 million hectares annually. According to data from the agriculture ministry, the area under oilseed cultivation in the crop year 2024-25 (Jul-Jun) had reached 1.9 million hectares as of Sept. 25. Under the edible oil mission, India aims to increase domestic oil output to 20.2 million tonnes by 2031, from 12.7 million tonnes currently. India uses 20-25 million tonnes of cooking oil annually and relies on imports for nearly 60% of the requirement. To boost the cultivation of oilseeds, the government will set up 600 clusters across the country, the ministry said in the release. Farmers will be trained, provided improved seeds certified by the Indian Council of Agricultural Research, and assured procurement of their produce, it said.To meet the shortage of improved seeds, the government will establish 65 new seed centres, against the 35 currently in existence, the ministry further said. To ensure seed safety, 50 storage units will also be built. To curb excess imports of edible oils and promote domestic oilseed cultivation, India on Sept. 14 imposed 20% basic customs duty on crude varieties of palm oil, soyoil, and sunflower oil. "Earlier, cheap palm oil was coming to Madhya Pradesh due to which prices of soybean had come down considerably," the ministry said in the release. The government has also decided to buy soybean from farmers at a minimum support price, it added.

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07102024 - co