PM exhorts corporates to work towards making Indian agri sector 'modern and smart'

Stressing the need for reducing imports of edible oils and pulses, Prime Minister Narendra Modi on Thursday asked corporates to come forward and help farmers in increasing domestic production of these essential food items.

Addressing a webinar on positive impact of the Union Budget 2022 on the agriculture sector, the Prime Minister exhorted Indian business houses to help in branding and promotion of Indian millets.

He also talked about ''a huge opportunity'' for the corporate world in the field of nano-fertiliser which is going to be a ''game changer''.

The Prime Minister called upon startups and private investors to create a pan-India network of soil testing labs and said there is a need to create awareness among farmers so that they keep getting their farm soils tested on a regular basis.

Modi said the focus of the Union Budget 2022-23 is on making Indian agriculture modern and smart, and highlighted the seven-pronged strategy outlined in the document presented in Parliament on February 1 by Finance Minister Nirmala Sitharaman.

He further said, ''There is a huge demand for pulses and oil seeds in our country. The corproate world should come forward. This is an assured market for you (corporates). What is the need of importing?'' The businesses, the Prime Minister said, can have arrangement with farmers to purchase pulses and oil seeds. He noted that agriculture insurance system provides protection against crop losses.

''There should be a study of India's food requirement,'' Modi said, as he emphasised on meeting all food requirements through domestic production, instead of imports.

He said the government is targeting to increase domestic production of edible oil by 50 per cent in the coming years.

It is to be noted that India imports 60-65 per cent of its edible oil requirement.

As per industry data, the country's edible oil import bill shot up to Rs 1.17 lakh crore in 2020-21 oil year ending October 2021, compared to Rs 72,000 crore in the year ago period.

Modi said the government's objective is to increase farmers' income and reduce input cost.

Referring to the Budget, he said it focuses on making Indian agriculture ''modern and smart''. Seven main avenues, including promotion of natural farming along Ganges, have been suggested in the Budget to achieve the goal, he added.

The Prime Minister called upon agriculture universities and farm scientists to make efforts to create awareness about natural and organic farming.

He highlighted that in the last seven years, his government has initiated many new systems and improved the old ones for the entire agriculture value chain, from seed to market.

Modi said the agriculture budget has increased manifold in just six years and farms loans have also been increased by 2.5 times in seven years.