July 17, 2024
Quote to be attributed to Anubhav Agarwal, Managing Director and CEO, BN Group
PR

Quote to be attributed to Anubhav Agarwal, Managing Director and CEO, BN Group

Feb 6, 2024

“Finance Minister Sitharaman’s Interim Budget holds promise for the edible oil industry. The continued focus on ‘Atmanirbhar Oil Seeds Abhiyan’ with its emphasis on research, technology adoption, and market linkages is a welcome step towards self-sufficiency. This, coupled with the increased capital investment outlay, paints a promising picture for rural development and increased consumption, both of which directly impact our industry’s growth. However, the success hinges on the swift implementation of these initiatives. Streamlining access to high-yielding seeds, ensuring timely procurement at remunerative prices, and facilitating value addition, crop insurance are crucial for farmers to truly benefit. Additionally, sustaining the reduced import duties on key edible oils while strengthening domestic production can create a win-win situation for consumers and industry players.

Overall, the budget lays a strong foundation towards self-reliance, but industry collaboration and swift execution will be key to translating vision into reality. We, in the edible oil industry, are optimistic and committed to contributing to a truly ‘Atmanirbhar’ edible oil ecosystem for India.”

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