Agriculture Minister S. Niranjan Reddy was focused on edible oil while answering questions in the Assembly which were raised on oil palm cultivation during the Question Hour session on Thursday. He emphasised that last year, oil palm was the only crop in the country with a buyback guarantee from the oil companies. The agriculture Minister also insisted on the need for crop rotation and cultivation of alternate crops like oil palm to increase yield and also supply to the market demand.
S Niranjan Further said that "As per the Central government guidelines, they have already issued notification inviting recommendations from the oil companies to allocate territories for purchasing oil palm from farmers. They have estimated the credentials of these companies which came forward and will complete zonal allotment after taking approval from the Chief Minister".
This decision has been taken keeping in mind the demand for edible oils and increasing imports from abroad, now the State government will be concentrating on promoting oil palm cultivation on a larger scale in the State. As per the records, last year, India had spent approximately Rs 79,000 crore of its foreign exchange to import edible oils from overseas of which over Rs 40,000 crore was used for importing oil palm from nations like Malaysia and Indonesia.