Finance Minister Nirmala Sitharaman speaking at the 6th World Congress on Rural & Agriculture Finance said, “We are telling farmers which crops will give them a better price in the area. We are also telling them what all crops can be irrigated or cannot be irrigated on the rain-fed land.”
“The support price may be given for other things but please do produce oilseeds because they have a great demand in India. Edible oil consumption is also a matter of great concern, as we still import quite a lot quantity particularly palm oil,” she added.
The Finance Minister announced that 10,000 farmers produce organisations will be formed so that they can get the correct price for their produce and “credit and other assistance from the government can be extended to them.”
Also present at the event was National Bank for Agriculture and Rural Development (NABARD) Chairman Dr Harsh Kumar Bhanwala, who said, “We will ensure that cooperative banks and rural regional banks have enough credit to lend short terms loans to farmers for growing oil seeds. We will fix the scale of finance for producing oilseed crops. Also, we will provide an alternate approach to farmers so that they can get good income by producing oilseeds. We can encourage farmers in rain-fed areas to grow the same.”