The Punjab government is all set to launch olive cultivation over 300 hectares under a ?pilot project? to ensure better remunerative returns to the farmers on one hand and towards a dedicated push for diversification of agriculture on the other. Reviewing the prospects of the olive plantation in a meeting, chief minister Parkash Singh Badal on Tuesday explored all the possibilities of olive plantation in the state in a big way.
Punjab Agro?the nodal agency for this project had already held negotiations with Indolive Enterprises Limited, Israel to study the prospects of olive plantation in the state.
Indolive along with a Private Indian Company had already entered into an agreement with Rajasthan government for Olive Cultivation Project. The meeting was informed as per the preliminary information collected by Indolive had concluded that olive cultivation was definitely feasible and had a great economic viability in Punjab.
The chief minister asked the Punjab Agro to encourage the Punjab farmers to adopt olive cultivation as the climate conditions in the state were suitable for moderate to high yield olive cultivation which would result in 3 fold increase in their income as compared to Paddy-Wheat rotation.
Presently, the olive oil prices are $ 3.6 per kg. With the given price the income would be approximately over Rs 3 lac per hectare from 6th year onwards as the fruiting starts from 3rd year and average oil yield would be 600 kg, 1200 kg, 1600 kg and 2000 kg per hectare in the 3rd, 4th, 5th and 6th year respectively. He said that the project on olive cultivation in Punjab would give benefits like water conservation, increased income, generate employment, foreign exchange earning, ecological balance and diversification in agriculture.
Financial commissioner development RS Sandhu informed that the Wheat and Rice combination in Punjab consumed at least 45,000 M3 of water per hectare. Olive will only need about 5,000 M3 per hectare, using drip irrigation, in order to give high yield and high quality crop thus it consumes 1/9th of water quantity as compared to wheat-paddy.