SOPA bats for creation of Oilseeds Development Fund to give boost to domestic soy farming

SOYBEAN

Two-day national conclave on soybean begins

Indore, Oct



7 A two-day national conclave on soybean, wherein experts from across the country will deliberate on the issues plaguing soy industry, began in Indore on Saturday.

Addressing inaugural session of the conclave, the Soybean Processors Association of India (SOPA) chairman Davish Jain stressed upon the need to unleash a golden revolution in the country on the lines of white and green revolutions so as to increase oilseed production in the country and reduce dependency of India on the imported oil, which according to him meets 65% requirement of oil consumptions in the country.

Imports

Describing India as a global dumping ground for oil in the whole world, Jain said increasing imports of oils in the country is discouraging farmers to stay away from soybean cultivation.

While on one hand, soybean production has been witnessing an uptrend at global level, its output in India for the past 2-3 years has been on a constant decline due to the erratic monsoon.

Soy cultivation

The prevailing scenario in the country and the government's apathy towards soybean industry has led farmers stay away from its cultivation, Jain said. If this trend was allowed to continue, the soy industry in the country will come to an end and it will be a big loss to the country as well which earns foreign exchange from the oilseed, he added.

After petroleum products, the government is spending maximum foreign exchange on imports of edible oils. The uncontrolled import of edible oils has badly affected soybean industry and soybean production in the country. The government must come out with incentives to give a push to soybean industry and cultivation so as to reduce dependency on import of edible oils in the country, Jain said.

The SOPA chairman also urged the government to create an Oilseed Development Fund and charge customs duty at the rate of Rs 3 per kg for the Oilseed Development Fund. This will help the ODF collect a fund of Rs 22,500 crores in the next five years. With the money to be generated through this fund we can increase oilseeds production in the country and in the next 10-15 years, India may achieve a self sufficiency in the oil seeds, he added. Jain also urged the Union government to increase import duty on sunflower oil to create a level playing field for the soybean industry in the county.

Krishna Bir Choudhary, president, Bharatiya Krishak Samaj informed that the Niti Aayog in has given approval in principle on land leasing in the country primarily to give a push to soybean production within the country.

Published on October 07, 2017

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