Oil palm cultivation is more profitable in the wake of Ukraine-Russia War: Harish Rao

Siddipet: The Finance Minister T Harish Rao has called upon the farmers to take up Oil Palm cultivation since there was a shortage of Palm Oil in the country in the wake of the Ukraine- Russia war. Since Malaysia and Indonesia have also suspended the exports of Palm Oil to India, the Minister has said […]

Siddipet: The Finance Minister T Harish Rao has called upon the farmers to take up Oil Palm cultivation since there was a shortage of Palm Oil in the country in the wake of the Ukraine- Russia war. Since Malaysia and Indonesia have also suspended the exports of Palm Oil to India, the Minister has said that there was a short supply of Palm Oil in India with which the Oil Pam farmers in India were reaping rich benefits.

After participating in the mass house warming ceremony in 2-BHK colony at Pothareddy Pet village in Dubbak Manda along with the Medak MP Kotha Prabhakar Reddy, Harish Rao said the Oil Palm farmers can earn up to Rs 1.5 lakh on an acre cultivation per annum. The Minister and Medak MP have handed over the documents of 50 2-BHKs to beneficiaries in Pothareddy Pet on Thursday. In the wake of increased demand for oils, he said the Sunflower farmers had got Rs 2,000 to Rs 3,000 more on each quintal than the MSP declared by the government this year. Saying that India is importing one lakh crore worth of Palm Oil every year from different countries, Rao said that there was a need to cultivate the crop in 10 lakhs acres to stop the imports which will eventually help India to enhance their foreign reserves.

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In the wake of these developments, Rao said that the Telangana government is geared up to take up Oil Palm cultivation from June when the monsoon arrives in Telangana. He further said that they were raising over 20,000 plants in the Siddipet district alone by setting up an exclusive nursery for Oil Palm. Stating that they have allocated Rs 1,000 crore for Oil Palm cultivation in the recent budget, Rao said that they were giving huge subsidies on the drip, plants, fertilisers, and others.

He has assured to grant subsidies to farmers to those who come forward to take up Oil Palm cultivation. During an interaction with the Minister, local agriculture officials have assured to get the Oil Palm cultivated on at least 200 acres during the coming Vanakalam season. He has also directed the agriculture officials to ensure the farmers to take up green manure crops cultivation ahead of Vanakalam crops cultivation. The Minister also inaugurated Rythu Vedika at Pothareddy Pet during his visit MLA M Raghunandan Rao and others were present.