Expressing concern over the current food crisis gripping global economies, India said on Monday it is time to end the subsidy for converting food into fuel and called for exploring new and more environment-friendly sources.
"The solution lies in promoting food and fuel and not food or fuel. We recommend that ESCAP should give priority to the emerging issue of food security," Commerce Minister Kamal Nath told the 64th ESCAP Session in Bangkok on Monday.
Referring to high oil, food and metal prices across the world that has left an increased pressure on inflation, Nath said the present global food market scenario was a call on the economies of the South East Asian region to remap their positions and reallocate resources.
"The management of the supply side of food articles will be the most crucial task in the ensuing year," he said.
Pointing out that several countries had taken steps to scrap export of food products, the minister said India had announced the National Policy for Farmers. He listed out the various initiatives taken by the government including spending $15 billion to alleviate the debt burden of small and marginal farmers.
"Let us all bring together our efforts towards social and economic development of the region to synergies and maximise the benefits. ESCAP is best suited to facilitate this process," Nath said.
Referring to the theme of the conference "Energy security and sustainable development in Asia and the Pacific," he said energy security was a matter of great relevance, given the direct link between energy consumption and human development.
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