Pass on benefits of import duty cuts in edible to consumers: Minister to industries
Mr. Joshi asked the IVPA members to focus on value addition through processing and refining, support innovation to increase efficiency and productivity.
He said the industries can work with Primary Agricultural Credit Societies and Farmers' Producing Organisations to actively encourage precision agriculture, artificial intelligence in crop management, sustainable farming techniques, promote high-yield varieties of oilseeds and strengthen the post-harvest value chain. He said through policy innovation, increased investment in agri-tech, and public-private collaborations, India can remain competitive in the global vegetable oil market while securing domestic needs.
The Minister said in the last ten years, production of oilseeds increased by 44% from 275 lakh metric tonnes (LMT) in 2014-15 to 397 LMT in 2023-24 and yield increased by 22% from 1,075 kilograms per hectare in 2014-15 to 1,314 in 2023-24. 'Export of oil meals, oilseeds and minor oils was about 5.44 million tons in the financial year 2023-24 valued at ₹29,587 crore,' he said adding that India today stands at a critical juncture in the global edible oil trade, being one of the largest consumers and importer of vegetable oils. 'We import approximately 56% of our edible oil requirements,' he said.
Food Secretary Sanjeev Chopra told reporters on the sidelines of the meeting that the Union government will notify a new order to regulate vegetable oil products with modern, transparent and technologically advanced provisions. The 2025 Vegetable Oil Products, Production and Availability Regulation Order, the secretary said, will replace the 2011. 'The associations have been consulted. It's in the final stages now, probably by next week it will be notified,' Mr. Chopra said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
5 minutes ago
- Indian Express
‘A robust platform to empower young entrepreneurs': CM inaugurates CM YUVA Conclave
CHIEF MINISTER Yogi Adityanath on Wednesday inaugurated the CM YUVA Conclave and Expo-2025 in Lucknow. The CM YUVA Yojna has been launched under the Mukhyamantri Yuva Udyami Vikas Abhiyan. Adityanath said that over 68,000 youths have so far received interest-free and collateral-free loans amounting to Rs 2,751 crore under the scheme. The state government is offering 10 per cent margin money assistance to support budding entrepreneurs further. Highlighting the potential of Uttar Pradesh's youths, he said, 'CM YUVA Yojana is not just a financial aid programme, but a robust platform providing mentorship, market access and essential resources to empower young entrepreneurs.' He directed officials to ensure that at least 50 youngsters from each district visit the exhibition so they can gain firsthand knowledge about various government schemes, startup resources and market opportunities. He also inaugurated the exhibition and launched 'UP Mart', a portal for machinery suppliers, aimed at easing access to essential tools and equipment for startups. Also, 17 MoUs were signed in the CM's presence to boost entrepreneurship in the state. Underscoring the unique features of the scheme, Adityanath noted that it addresses the key challenges faced by aspiring entrepreneurs— lack of capital, training, and guidance. 'This is not just a scheme —it's a movement. A golden opportunity for every youth who has a dream but lacks resources,' he said. Addressing university Vice-Chancellors and youths at the CM YUVA Conclave, Chief Minister Yogi Adityanath expressed concern over the growing disconnect between academic institutions and society. 'Our institutions are becoming isolated islands, increasingly cut off from the people and government schemes. This disconnect is dangerous,' he said. He pointed out that due to lack of information, many young people fall prey to fraudulent schemes, get burdened by debt and are often left with no choice but to migrate in search of opportunities. 'But now, this cycle will end,' he asserted. The CM highlighted several initiatives launched to revive Uttar Pradesh's traditional industries, including handicrafts, cottage industries, and the MSME sector. 'Today, there is no licensing requirement for the first 1,000 days of starting a new enterprise in the state. We are also providing an insurance cover of ₹5 lakh to support young entrepreneurs,' he said. Reflecting on the 2017 Lok Kalyan Sankalp Patra of the BJP, prepared under the guidance of Prime Minister Narendra Modi, the Chief Minister said that a commitment was made to promote traditional industries through a dedicated scheme. Acting on this, a statewide survey was conducted post-2017, which revealed that every district had unique traditional enterprises. However, due to corruption, lawlessness, and large-scale migration, these industries had nearly collapsed. The CM said that the One District One Product (ODOP) scheme has helped boost Uttar Pradesh's exports from Rs 86,000 crore to over Rs 2 lakh crore. 'Earlier, Chinese products flooded the markets during festivals. Today, locally made ODOP items are finding a place in every household,' he added. He also announced that products from Uttar Pradesh would be prominently featured at an International Trade Show scheduled from September 25 to 29, 2025, at the India Expo Centre in Noida. 'The Buyer-Seller Meet held at this event has become a massive platform for showcasing the state's potential. No one would have imagined such innovation and enterprise from UP just a few years ago. From four lakh participants in the first year to five lakh in the second, the show is pushing forward our vision of taking local products to the global stage,' he said.
Mint
3 hours ago
- Mint
Key banking law changes to take effect on 1 Aug
Key provisions of the Banking Laws (Amendment) Act, 2025 including higher threshold for substantial interest, will come into effect on 1 August, the finance ministry said. The amended legislation aims to enhance bank governance, safeguard depositors and investors, improve audits at public sector banks, and increase the tenure of directors (other than the chairperson and whole-time directors) in cooperative banks. The Banking Laws (Amendment) Act, 2025 was notified on 15 April 2025, containing a total of 19 amendments across five legislations—the Reserve Bank of India Act, 1934, Banking Regulation Act, 1949,State Bank of India Act, 1955 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980. The central government had notified 1 August 2025 as the date on which the provisions of certain sections would come into force. Some of these include implementation of enhanced threshold for directorship in cooperative banks. The amendment redefined 'substantial interest' for directorships, which increased to ₹ 2 crore instead of the current limit of ₹ 5 lakh, which was fixed almost six decades ago. Further, these provisions in the law align director tenures in cooperative banks with the 97th Constitutional Amendment by increasing the maximum tenure from 8 years to 10 years (excluding the chairperson and whole-time director). Also, PSBs will now be permitted to transfer unclaimed shares, interest, and bond redemption amounts to the Investor Education and Protection Fund (IEPF), bringing them in line with practices followed by companies under the Companies Act. The amendments also empower PSBs to offer remuneration to statutory auditors, facilitating the engagement of high-quality audit professionals and enhancing audit standards. The implementation of these provisions marks a significant step towards strengthening the legal, regulatory, and governance framework of the Indian Banking Sector, the finance ministry statement said. The proposed changes in banking laws also revises the reporting dates for the submission of statutory reports by banks to the Reserve Bank of India from reporting every Friday to the last day of the fortnight, month or the quarter. The announcement about amending the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. In fact the bill was first introduced on August 9, 2024 but could not be taken up for discussion and passage then. The Lok Sabha cleared the bill in December, 2024 while Rajya Sabha approved it with few amendments made by it on March 26. The Lok Sabha then approved it in April turning the bill into a law.
India Today
3 hours ago
- India Today
Automobile industry is the most important industry for the country, says Nitin Gadkari
Union Minister for Road Transport and Highways Nitin Gadkari reaffirmed the government's commitment to transforming India's automotive sector into a global benchmark for innovation, safety, and sustainability. Speaking at an event, Gadkari highlighted the critical role of the automobile industry in India's economy while underlining the need for road safety reforms and a cleaner fuel future. "Our automobile industry is the most important industry for the country because this is the industry which is the fourth largest economy," he has now become the third-largest automobile market globally, overtaking Japan, with the industry valued at Rs 22 lakh crore," Gadkari said. He emphasised that the sector employs nearly 4 crore people and contributes the highest share of GST revenue to the exchequer. 'Our mission is to make India the number one automobile hub in the world,' he roads through engineering and education Addressing the pressing issue of road safety, the minister spotlighted the government's multi-pronged approach involving vehicle engineering, road infrastructure, enforcement, and public announced the identification of 77 high-fatality stretches across 15 states as part of the Zero Fatality Corridor initiative. A budget of Rs 40,000 crore is being deployed to eliminate accident-prone black spots on national highways. "We've also enlisted IIT students to conduct road safety audits and are leveraging data to pinpoint the top 100 accident-prone districts," he Bharat NCAP star rating program has already begun fostering healthy competition among automakers to deliver safer vehicles. Additionally, the government is implementing new technologies such as anti-lock braking systems (ABS) for two-wheelers, electronic stability control in heavy vehicles, and advanced driver-assistance systems (ADAS). 'These systems can save lives—by preventing collisions, alerting drowsy drivers, and ensuring lane discipline,' Gadkari safety campaign and skilling pushTo instill behavioral change, the ministry has launched the Sadak Suraksha Abhiyan. The initiative, translated into 22 Indian languages, will be amplified through digital also underscored the urgent need to address the shortfall of 22 lakh skilled drivers. A network of 1,600 driver training institutes is being set up with an investment of Rs 4,500 crore to generate 15 lakh fuel and green futureIn his vision for a greener tomorrow, Gadkari reiterated the focus on alternative fuels: ethanol, methanol, bio-CNG, LNG, electric, and hydrogen. "Air pollution from the transport sector contributes to 40% of India's pollution. It's not just an environmental necessity, but an economic challenge,' he is progressing rapidly under the National Green Hydrogen Mission, with trials of hydrogen-powered trucks already underway and nine hydrogen refueling stations being established across the country. The target: 5 million metric tons of green hydrogen production annually by 2030, reducing fossil fuel imports by Rs 1 lakh crore and cutting 50 million metric tons of CO2 waste to wealthadvertisementThe Minister talked about how India is leading in turning waste into opportunity. Municipal waste from Delhi is being used in road construction, and bio-bitumen from agricultural residue is being tested on highways. 'We've reduced the height of the Ghazipur landfill by seven metres by using garbage in infrastructure,' he said.A call to the industryGadkari called upon the industry to continue innovating and collaborate with the government. "We aim to grow this sector from Rs 22 lakh crore to Rs 75 lakh crore. It may be difficult, but it's not impossible. Together, we can make India the global leader in mobility, safety, and sustainability."Subscribe to Auto Today Magazine- EndsTune InMust Watch
