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Government to launch oilseed mission -Gireesh Chandra Prasad

-Livemint.com

The government had to lower the import duty on edible oils several times in recent months to tame food inflation

NEW DELHI: The government is set to launch an oilseed mission to boost domestic production of oilseeds and reduce import dependence, said NITI Aayog member, agriculture, Ramesh Chand.

India currently makes around 1 trillion worth of edible oil imports every year or nearly half of its demand.

The proposed scheme was devised after the NITI Aayog governing council led by Prime Minister Narendra Modi sought to achieve self-sufficiency in edible oils. At its meeting last month, Modi stressed on the need for diversification in the agriculture sector and to achieve self-sufficiency in edible oils, Mint reported on 8 August.

The scheme is expected to have elements like subsidy to farmers for buying good quality seeds, intervention by the government in the market to support prices when needed, and involvement of the private sector in making available quality seeds.

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