Forecast Of Normal Monsoon Bodes Well For Agriculture Sector: Ajay Jhunjhunwala
FinTech BizNews Service
Mumbai, April 22, 2024: Ajay Jhunjhunwala, President, Solvent Extractors' Association of India, (SEA), in a letter to its members has noted that the monsoon forecast for 2024 indicates normal rainfall, expected to be 106 percent of the Long Period Average (LPA). This forecast brings a sense of relief, particularly for our farmers who can now plan their kharif crop sowing starting in June, with the timely arrival of monsoon. The probability forecast for the Southwest monsoon season rainfall suggests a high likelihood of above-normal rainfall, with most parts of the country expected to receive abundant rainfall. Let's hope for widespread and bountiful rain across the nation, which not only bodes well for the agriculture sector but also helps in stabilizing food prices.
Towards Self-Sufficiency in Edible Oil:
As the country gears up for elections, various parties are outlining their manifestos. It's encouraging to see that the Bharatiya Janata Party (BJP) has prioritized agriculture in its manifesto, focusing on initiatives like soil health cards, micro-irrigation, crop insurance, and direct financial assistance under the PM Kisan Samman Yojana. Of particular significance is their commitment to achieving self-sufficiency in pulses and edible oil, a goal we are actively pursuing at all levels and shall take up once the new government is in place.
Empowering Farmers with the Mustard Model Farm:
The Mustard Model Farm Project, a collaborative effort between The Solvent Extractors’ Association of India (SEA) and Solidaridad Network Asia Limited, continues to make strides in increasing Rapeseed-Mustard production in India. With over 3500 model farms established in last 5 years, benefiting more than 125,000 farmers across five states, we've witnessed a substantial increase in mustard production in recent years. Model farms efforts, coupled with favourable weather conditions, has led to a significant rise in mustard production and cultivation areas, contributing to domestic edible oil supplies. The success of the Rapeseed-Mustard Model Farms was recently presented to Shri Ajit Sahu, Joint Secretary (Oilseed) in the Ministry of Agriculture, who expressed admiration for the achievements and pledged support for expanding the program to more states, with a special focus on Bihar and Jharkhand.
Rapeseed-Mustard Crop Estimation and Expansion:
SEA has commissioned RMSI Cropalytics to conduct independent surveys and estimate rapeseed-mustard crops for the year 2023-24. The latest report estimates a crop of over 120.9 lakh MT across an acreage of over 100 lakh hectares, with Rajasthan leading in production followed by U.P., M.P., and Haryana. RMSI will conduct 3rd round of survey in April and final round of survey in May to revalidate the estimate done earlier. (RMSI Cropalytics offers end-to-end analytics with a first-of-its-kind live crop map of India, showing geo-locations of sown acreage.)
Record Exports of Oilmeals :
Despite a decline in exports of many agricultural commodities, the export of soybean meal has revived while that of rapeseed meal has seen a remarkable growth in the last 3 years. India exported a record 48.8 lakh tons of oil meals in the financial year 2023-24, with rapeseed meal being the outstanding performer. Major importers include Bangladesh, South Korea, Thailand, and Iran. Had Deoiled Ricebran not been banned since August 2023, we would have exported an additional 3.0 to 4.0 lakh tons during the year.
Delegation to Brazil
In November last year SEA had signed an MoU with ABIOVE – the Brazilian Association of Vegetable Oil Industries for mutual co-operation including facilitating meeting & visits to both the countries for interaction between buyers & sellers.
ABIOVE has invited an SEA Delegation to visit Brazil to study Brazilian Soy Complex and meet Brazilian Producer and exporter of soy oil. In view of this I will be leading an SEA Delegation of 12-15 members to Brazil during 15th to 26th June 2024. I am sure this delegation will help us to develop a direct rapport between Brazilian exporters and Indian importers of soy oil and also will help us to understand their latest agricultural practices for achieving high productivity in soybean.
Upcoming Events:
SEA has announced two significant events in the coming months. Firstly, Globoil International 2024 will be hosted by Tefla under Chief Patronship of SEA in Dubai from 6th to 8th May, offering a platform for global industry leaders to exchange ideas and insights on edible oils. Following this, the 5th SEA – AICOSCA Cottonseed, Oil & Meal Conclave 2024 will take place on 12th and 13th July in Ahmedabad, bringing together stakeholders from across the cottonseed trade. Do mark these dates in your diary to participate in both these events.
Dr. V.S. Vadke’s New Role:
SEA extends heartfelt congratulations to Dr. V.S. Vadke, Convenor, SEA Technical Committee for his appointment as the Convenor of FAD 13/Panel II of the Bureau of Indian Standards for developing new standards for vegetable oilseeds and oil processing machinery. His appointment is a testament to his expertise and contributions to the industry. SEA also congratulates the members of the SEA Technical Committee who have been included on this panel.
