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The Solvent Extractors’ Association (SEA) of India has said the “green growth” initiative of the Union Government proposed in the 2023-24 budget will help boost the consumption of castor meal and neem meal.
Welcoming the Government’s announcement on ‘green growth”, Ajay Jhunjhunwala, President of SEA, said castor meal and neem seed meal are the best organic fertilisers for natural farming. The “green growth” initiative will boost the consumption of castor meal and neem meal and thereby support domestic farmers growing castor seed and tribals collecting neem seed.
This will also support domestic crushing industry through better availability of raw material and demand, he said.
Sole cheering point
Apart from this, there was nothing much to cheer about for the vegetable oil sector in the Union Budget 2023-24.
Ajay Jhunjhunwala said SEA had been constantly representing to the Government that India’s edible oil imports are skyrocketing, and this is seriously compromising edible oil security of the nation.
Stating that there was a need for urgent policy intervention in this matter, he said SEA of India was expecting an announcement on National Mission on Edible Oils in line with the Prime Minister’s vision of ‘aatmanirbharta’ (self-reliance). Disappointingly the budget was silent on that front, he said.
Sudhakar Desai, President of Indian Vegetable oil Producers’ Association (IVPA), said India is hugely dependent on import of edible oils. He stressed the need for separate budgetary allocation for National Mission on Edible Oil – Oilseeds.
Sudhakar Desai of IVPA said infrastructure investments in agriculture coupled with infrastructure in storage will help agriculture- sector in general and oilseed sector in particular.
Jhunjhunwala said the Agriculture Accelerator Fund will help young entrepreneurs navigate government regulations and connect all stakeholders in the farm supply chain and network. “It may prove to be a game changer in addressing chronic problems in India’s agri value chains,” he said.
Welcoming the budget proposal to reduce import duty on crude glycerine from 7.5 per cent to 2.5 per cent, Jhunjhunwala said this will help domestic glycerine refining industry. The reduction of import duty from 15 per cent to 5 per cent on minerals and vitamin pre-mixes will encourage manufacture of aquatic feed in the country, he added.
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