: PM expresses concern over high import bill of oils, fertilisers #FinanceIndia #StockMarketNEWS #Business Modi calls for action in mission mode for self-reliance, reduce imports New Delhi: Prime

@StockMarketNEWS Tue 25 Oct, 2022

Posted in: #FinanceIndia #StockMarketNEWS #Business

PM expresses concern over high import bill of oils, fertilisers #FinanceIndia #StockMarketNEWS #Business
Modi calls for action in mission mode for self-reliance, reduce imports

New Delhi: Prime Minister Narendra Modi on Monday expressed concern over India’s high import bill for edible oil, fertilisers and crude oil, and said there is a need to work in a mission mode to make the country self-reliant and reduce import dependence.

With international energy prices soaring after the war in Ukraine, India will spend a record `2.5 lakh crore to subsidise fertilizer for farmers. Another 0 billion is spent on importing crude oil and the two together are the biggest drain on exchequer.

Addressing PM Kisan Samman Sammelan 2022 event here, Prime Minister released the 12th installment of the cash support that the government had launched ahead of the 2019 general elections, and launched a scheme to brand all subsidised fertiliser under one brand ‘Bharat’ to eliminate product differentiation and confusion multiple brands cause in the minds of farmers.

He also inaugurated 600 Pradhan Mantri Kisan Samruddhi Kendras (PM-KSK) which will act as a one-stop-shop providing multiple services to farmers. Around 3.3 lakh retail fertiliser shops will be converted into PM-KSK.

“We have another major challenge before us, which I want to discuss with our farmers and innovators. Why I am stressing on self-reliance and what role agriculutre and farmers can play in this, one needs to understand and work on a mission mode,??? Modi said.

Out of total imports, maximum is spent on edible oils, fertilisers and crude oil. When there is a global problem, it has its bearing on the domestic market. First, the country had to face the challenge of pandemic and then the war in exporting countries from where India buys many commodities, he said.

“To reduce import bill and make the country self-reliant, we together have to take a pledge. We need to take a pledge to become free from import dependency on food and agriculture related items. We together have to move in this direction,??? Modi said.

The country can reduce import of edible oils by boosting domestic production, he said, while exhorting that when it was done in pulses it can be easily replicated in oilseeds, he said.

In case of crude oil, the Prime Minister said efforts are being made to boost the production of ethanol and biofuel.
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