PM Modi lauds change in agri export policy, says will boost farmers income

Prime Minister Narendra Modi on Saturday lauded recent changes in agricultural export policies, stating that easing export norms on basmati rice and onions, and increasing import duties on some edible oils will boost farmers' incomes and create rural jobs.

On Friday, the government scrapped a $ 950 per tonne minimum export price (MEP) for basmati rice and removed a $ 550 per tonne MEP on onions, according to government statements.

The government on Saturday raised import duty on crude palm oil to 20 per cent and on refined sunflower oil to 32.5 per cent, aiming to support domestic oilseed farmers and processors.

In a post on X, Modi said the government is leaving no stone unturned to support farmers who work tirelessly for the country's food security.

"Whether it is reducing the export duty on onions or increasing the import duty on edible oils, many such decisions are going to greatly benefit our food producers. While these will increase their income, employment opportunities will also increase in rural areas," the prime minister said.

Modi's comments came in response to a post by Agriculture Minister Shivraj Singh Chouhan, who thanked the prime minister for taking important decisions regarding onion, basmati rice and edible oils in the interest of farmers.

Stating that the Modi government is "sensitive" to farmers' welfare and committed to their "development" and "progress", Chouhan said the reduction of export duty on onions from 40 to 20 per cent would help onion farmers get better prices and boost exports.

The removal of basmati rice export duties aims to ensure fair prices for growers and increase demand for the premium rice variety, Chouhan added.

Regarding refined oils, the minister said the increase in basic duty on refined oil to 32.5 per cent "will increase the demand for mustard, sunflower and groundnut crops for refinery oil".

Chouhan expressed optimism that farmers will get better prices for these crops and the increase in refineries in small and rural areas will create more employment opportunities.