The Telangana government has set a target to extend the cultivation of oil palm across 20 lakh acres in the state. A total of Rs 1,000 crore is proposed in the Budget for 2023-24 for oil palm cultivation.
"There is good demand for oil palm in the market. By cultivating oil palm, farmers are likely to get a net income of Rs 1,50,000 per annum per acre," said Telangana finance minister Thaneeru Harish Rao on Monday while delivering the Budget speech for 2023-24.
India is the world's second-largest consumer and number one vegetable oil importer, and it meets around 60 per cent of its need through imports.
"The moisture content in the air in Telangana has increased significantly following the construction of irrigation projects, renovation of tanks and construction of check dams. As a result, Telangana has become suitable for the cultivation of oil palm. Today, the country is importing palm oil on a large scale," the minister said.
"The government is extending incentives on a large scale to motivate the farmers to take up oil palm cultivation which yields high income to the farmers."
Overall, the amount proposed in the Budget for the agriculture department is Rs 26,831 crore.
This is the last state budget ahead of the Assembly polls to be held later this year
For 2023-24, the state government proposed a total expenditure worth Rs 290,396 crore, of which revenue expenditure is Rs 2,11,685 crore and the capital expenditure proposed is Rs 37,525 crore.
( With inputs from ANI )
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