As the Indian government holds edible oil firms responsible for the rise in prices amid huge stockpiles, recent reports by the SEAI and expert predictions suggest that the country's import of edible oil and pulses is steadily decreasing. In line with this, Adani Wilmar has announced investments worth Rs.600 Crore in the edible oil and solar sectors. While the government's ambitious goal of achieving a USD 55 trillion economy by 2025 seems promising, doubts have been raised about the success of their Digital Agriculture Mission, with the AIKS expressing concerns. The agricultural sector's reactions to the Union Budget 2024 also reflect a forward-looking attitude towards the use of high-yielding pulses and oilseeds as a means to reduce imports.
India's Edible Oil Import and Price Surge
India, the world's largest edible oil importer, has seen a significant increase in prices of edible oils in recent months. This surge has been attributed to various factors, including the ongoing Ukraine-Russia conflict, the COVID-19 pandemic, and disruptions in global supply chains.
The Indian government has held edible oil firms responsible for the price rise, despite reports that indicate a decrease in the country's edible oil imports.
Government's Response
The government has taken several measures to address the situation, including:
Adani Wilmar's Investment
Despite the challenges facing the edible oil sector, Adani Wilmar, one of India's largest edible oil companies, has announced an investment of Rs.600 Crore in the sector and solar energy.
Agricultural Sector's Response
The All India Kisan Sabha (AIKS) has expressed concerns about the government's Digital Agriculture Mission, citing lack of infrastructure and technical know-how among farmers. However, the agricultural sector has welcomed the inclusion of high-yielding pulses and oilseeds in the Union Budget 2024, as a means to reduce imports.
FAQs
1. What is the primary reason for the rise in edible oil prices in India? A: A combination of factors, including the Ukraine-Russia conflict, COVID-19, and supply chain disruptions.
2. How has the Indian government responded to the price surge? A: By increasing import duty, imposing stock limits, and investigating price gouging.
3. What is Adani Wilmar's investment plan? A: An investment of Rs.600 Crore in the edible oil and solar sectors.
4. What are concerns raised by the AIKS regarding the Digital Agriculture Mission? A: Lack of infrastructure and technical know-how among farmers.
5. How has the agricultural sector reacted to the Union Budget 2024? A: Welcomed the inclusion of high-yielding pulses and oilseeds as a means to reduce imports.
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