Madhya Pradesh Chief Minister Mohan Yadav expressed gratitude to Prime Minister Narendra Modi for the decision to increase the import duty on crude palm, soybean, and sunflower oils from 12.5% to 32.5%.
The CM stated that this move would significantly boost the demand for mustard, sunflower, and groundnut crops, benefiting farmers who cultivate these crops. Coming from a soybean-producing region, the CM also expressed confidence that this decision would positively impact soybean farmers, helping them secure better prices and increasing overall demand for domestic crops.
Increased Demand for Domestic Crops
The rise in import duty is expected to reduce reliance on imported edible oils, leading to increased demand for locally-produced oils such as mustard, sunflower, groundnut, and soybean. This will likely result in higher prices for farmers and provide an incentive for expanding the cultivation of these crops.
Boost to Agricultural Sector
The Chief Minister emphasized that the decision will support the agricultural sector, especially in regions heavily reliant on oilseed crops. By curbing cheaper imports, Indian farmers will have a better chance to compete in the domestic market, boosting rural incomes and contributing to the overall growth of the agricultural economy.
Encouraging Self-Reliance
The CM also highlighted that this move aligns with India’s goal of self-reliance in agriculture. By promoting the cultivation and consumption of indigenous crops, the government is working towards reducing dependency on imports, strengthening food security, and supporting sustainable farming practices.
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