PIB Summary- 15th March, 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Prime Minister Spearheads National Mission to Attain Edible Oil Self-Sufficiency

Context

The news highlights India’s push for self-sufficiency in edible oil through initiatives like Mission Palm Oil and the National Mission for Edible Oils – Oil Palm.

Additional information on this news:

• India currently imports 57% of its total edible oil, negatively impacting FOREX by $20.56 billion USD.
• Prime Minister Narendra Modi emphasized India’s self-reliance in edible oil during his visit to Arunachal Pradesh.
• He highlighted Mission Palm Oil, focusing on the Northeast, inaugurating the first oil mill under this mission.
• The National Mission for Edible Oils – Oil Palm (NMEO-OP) was launched in August 2021 to boost oil palm cultivation.
• NMEO-OP aims to elevate Crude Palm Oil production to 11.20 lakh tonnes by 2025-26, operational in 15 states covering 21.75 lakh hectares.
• 111 nurseries with capacity for 1 crore planting material and 12 seed gardens with potential for 1.2 crore planting material have been established.
• The mission offers end-to-end support to farmers, including assured buyback, viability gap payments, and subsidies.
• Viability price of oil palm increased from Rs. 10,516 in October 2022 to Rs. 13,652 in November 2023.
• Special assistance of Rs. 70,000 per hectare for planting material, Rs. 2,90,000 for harvesting tools, and Rs. 25 lakh for custom hiring centres is provided.
• Processing companies are establishing One-Stop Centers for farmers, offering inputs, advisory services, and collection of produce.
• This initiative reflects the government’s commitment to economic growth, farmer empowerment, and self-sufficiency in edible oil production.

Edible oil Import of India

• Deficiency: India faces a significant deficiency in the production of edible oils, leading to heavy reliance on imports to meet domestic demand. Domestic production falls short due to various factors such as limited land availability, low productivity, and unfavorable agro-climatic conditions. 
• Impact: Heavy reliance on edible oil imports has several adverse impacts on the Indian economy:
  1. Vulnerability to international price fluctuations leading to increased import bills.
  2. Pressure on the current account deficit.
  3. Dependence on foreign suppliers, affecting food security and sovereignty.
• Government Steps:
  1. Implementation of various policies and initiatives to promote domestic oilseed cultivation such as the National Mission on Oilseeds and Oil Palm (NMOOP) to enhance productivity.
  2. Import duties and tariffs to regulate imports and support domestic producers.
  3. Promotion of technological advancements and research in oilseed cultivation to improve yields.
  4. Encouraging contract farming and public-private partnerships to boost production.

Way Forward:

• Diversification of oilseed cultivation to include high-yielding varieties and alternative crops.
• Investment in infrastructure for storage, processing, and distribution to reduce post-harvest losses.
• Promotion of sustainable practices and efficient water management techniques in oilseed cultivation.
• Enhancing farmer education and extension services to disseminate best practices and latest technologies.
• Continued government support through subsidies, incentives, and market interventions to incentivize domestic production.

By implementing these measures, India can gradually reduce its dependency on edible oil imports, enhance domestic production, and ensure food security for its population while mitigating economic risks associated with import reliance.

Government of India and ADB sign $23 million loan agreement to strengthen fintech ecosystem in India

Context

The news announces a $23 million loan agreement between India and ADB to establish an International Fintech Institute in Gujarat, focusing on fintech education and innovation.

Additional information on this news:

• The Government of India and the Asian Development Bank (ADB) signed a $23 million loan agreement to establish an International Fintech Institute (IFI) at Gujarat International Finance Tec-City (GIFT-City).
• The IFI aims to enhance fintech education, boost start-up success rates, and drive research and innovation in the fintech sector.
• It will offer industry-aligned fintech training programs in partnership with globally reputed institutes and universities.
• Emphasis will be placed on market-driven fintech skills programs and creating an enabling environment for private sector investment.
• The IFI will support innovation and entrepreneurship by providing incubation and acceleration services to startups, especially those led by women.
• Collaboration with industry and venture capital funds will be facilitated to support the growth of fintech startups.
• Research areas will include climate fintech, regulatory technology, social inclusion, and gender equality in finance.
• The project will also develop a state fintech readiness index and work on solutions for emerging technologies.
• Overall, the initiative aims to enhance employment opportunities, workforce competitiveness, and productivity in new and green technologies.

Asian Development Bank (ADB)

• The Asian Development Bank (ADB) was established in 1966 to promote economic and social development in Asia and the Pacific region.
• ADB provides financial assistance, technical expertise, and policy advice to its member countries.
• It focuses on areas such as infrastructure development, poverty reduction, healthcare, education, and environmental sustainability.
• ADB operates in a diverse range of economies, covering countries from Afghanistan to the Cook Islands.
• Collaboration with governments, private sector entities, and civil society organizations is key to ADB’s project implementation.
• The bank offers policy advice and capacity building to strengthen institutional frameworks and governance structures.
• ADB has strict safeguard policies to ensure environmental and social sustainability in its projects.
• Its governance structure includes the Board of Governors, Board of Directors, Management, and various committees.
• ADB aligns its operations with the Sustainable Development Goals (SDGs) adopted by the United Nations.
• Overall, ADB plays a vital role in fostering inclusive economic growth and addressing key development challenges in the region.