SEA hails plan to make India self reliant in cooking oils; seeks adequate fund to achieve goal

The Solvent Extractors' Association of India (SEA) has commended the government's ambitious 'Atmanirbhar Oil Seeds Abhiyan,' aimed at achieving self-reliance in cooking oils. SEA President Ajay Jhunjhunwala expressed appreciation for the visionary initiative, which targets key oilseeds like mustard, groundnut, sesame, soybean, and sunflower.

Presently, India relies heavily on importing approximately 150 lakh tonnes of edible oil annually, valued at over ₹1.35 lakh crore (USD 17.25 billion), as stated by the SEA. In response, the association urges the government to provide sufficient financial backing to ensure the successful implementation of the initiative.

The 'Atmanirbhar Oil Seeds Abhiyan' encompasses critical components such as research for high-yielding varieties, the adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance. SEA emphasizes the need for adequate financial support to reduce the country's dependency on edible oil imports from 60% to 30% over the next five years.

The association further recommends fostering private partnerships with companies engaged in oilseed extension programs and research activities under the central government's guidance. This collaborative approach, SEA believes, will complement governmental efforts and significantly contribute to enhancing oilseed production and productivity across the nation.

In her budget speech, the Finance Minister announced the formulation of a comprehensive strategy to achieve self-reliance ('atmanirbharta') for oilseeds such as mustard, groundnut, sesame, soybean, and sunflower. The strategy includes research initiatives, adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance.

India, currently importing a substantial quantity of edible oils to meet domestic demand, witnessed nearly 165 lakh tonnes of cooking oil imports, amounting to ₹1.38 lakh crore during the 2022-23 marketing year (November-October). Palm oil comes from Malaysia and Indonesia, while soybean oil is imported from Argentina and Brazil.