Global Fest 2023: FM Says Need To Make Arrangements From Import Of Pulses

Finance Minister Nirmala Sitharaman on Tuesday delivered the inaugural address at the Global Fintech Fest 2023. In her speech, she touched upon key pointers like the significance of the recently introduced Income Tax Return (ITR), a substantial expansion in the formalization of the economy, and the need to make arrangements for the import of pulses.

She said, "There will be impact on oil seeds, pulses and soya beans," adding, "need to make arangements from import for pulses." She further said that globalisation has helped in removing poverty.

The Global Fintech Fest 2023 is based on the theme 'Global Collaboration for a Responsible Financial Ecosystem: Inclusive, Resilient, and Sustainable' in Mumbai, Maharashtra.

In her inaugral speech, FM said, "Technology is the common tool available to everyone regardless of the disparities globally."

India's import of pulses has declined from 58 lakh tonne in 2015-16 to 24.96 lakh tonne in 2022-23.

The country's production of pulses has increased from 163.20 lakh tonne in 2015-16 to 275.04 lakh tonne in 2022-23 (as per 3rd Advance Estimates) and oilseeds from 252.50 lakh tonne to 409.97 lakh tonne during the same period.

In July month, the Ministry of Agriculture & Farmers Welfare highlighted that while the production of oilseeds is not sufficient to meet the domestic demand for vegetable oils, however, the increased production of pulses has narrowed down the import of pulses to around 9 per cent of the domestic production. To enhance the production of oilseeds and pulses, the Government is implementing the National Food Security Mission (NFSM) in the country.

Under NFSM, assistance is given through State Governments to farmers for interventions like cluster demonstrations on an improved package of practices, demonstrations on cropping system, seed production and distribution of High Yielding Varieties/Hybrids, improved farm machineries/resource conservation machineries/tools, efficient water application tools, plant protection measures, nutrient management/soil ameliorants, cropping system based training to the farmers etc.

Also, notably, the prices of pulses and oilseeds being sold to the farmers in various states comprise incentives provided by the Government of India under the NFSM programme on certified seed distribution of High Yielding Varieties (HYVs) of pulses and oilseeds (except sesame) up to Rs 5000 per quintal and Rs 4000 per quintal, respectively and for Hybrids in oilseeds and varieties of sesame upto Rs 8000 per quintal. Further, the Government is also supplying seed mini-kits of HYVs of pulses and oilseeds free of cost to the farmers.

On the G20 summit which is set to begin on September 9, in New Delhi, the FM said that the priority for G20 is information sharing on national experiences and international initiatives on interoperability of fast payment systems for enhancing cross-border payments.