INDIA SEEKS TO CEASE IMPORTING UREA

India is the world’s second largest urea consumer. As currently its own production of the crop nutrient is boosted, the country seeks to cease imports in 5 years time.

 In India, where 14% of the economy derives from agriculture, 24.5 million tons of urea was produced in the year ended March 2016. The consumption all over the country was 32 million tons during this time, says the fertilizer ministry. Over a quarter of its urea consumption was imported from Iran, Oman and China.

Dharam Pal, the joint secretary of the fertilizer ministry of India stated “We are in the process of reviving ailing plants, restart closed units, expand existing projects and build new ones….The target is to wipe out urea imports completely by 2022.”

Raising the local supplies of this nitrogen fertilizer will aid in protecting Indian framers from global price fluctuations and minimize government subsidies. This will allow spending more towards increasing the rural economy.

This will also boost the domestic manufacturing. It is a response to Prime Minister Narendra Modi’s agenda which seeks to generate more jobs in India, the world’s second-most populated country. Many initiatives are being launched in this regard. 

Content: economictimes.indiatimes.com