Jalandhar, May 25
A group of North America-based NRIs has offered to set up a $ 15 million soybean processing plant in Punjab along with foodgrain storage facilities and a food processing unit.

Soybean, the ‘Wonder Crop’ of the 21st century, is processed into more than 130 commodities for human and animal consumption.

Processed soybean products have a 4.8 billion dollar global market. Protein-rich, it could emerge as a substitute for meat for the ill-nourished population of the world.

While the wheat-paddy cycle has become a burden with Punjab facing a wheat glut and major storage problems because of a bumper crop this year, soybean cultivation is likely to improve farm economy.

It requires less labour and water and other inputs as compared to paddy. And with a growing worldwide demand, it is certain to result in handsome gains for farmers.

“It is an irony that Punjab is producing excess foodgrain which is rotting due to poor transport and storage facilities and a faulty distribution system. It is time the farmers grew soya instead of paddy that requires a lot of water.

“A group of overseas Punjabis have expressed their interest in investing in development projects in Punjab and to form a venture investment corporation. We are here to make an offer to Punjab Chief Minister Parkash Singh Badal on their behalf,” said Satnam Singh Chahal and Dalwinder Singh Dhoot, president and chairman of the North American Punjab Association (NAPA), respectively.

They said soy was the only viable replacement for paddy. Currently, India was importing 8.66 million tonnes of cooking oil to meet domestic needs. “Soybean cultivation and its processing in Punjab will overcome oilseed deficit in India. Dr PS Minhas of PAU, Ludhiana, also thinks that soybean is the best substitute for paddy in Punjab, Haryana and Uttar Pradesh,” said Chahal.

He said they were studying the viability of establishing a soybean processing plant in Punjab.

Soybeans, soy milk, cooking oil, tofu, miso, soy protein, soy sauce, soy nuts, soy flour, margarine, chocolate coating, flour ingredient, soy meal as animal and poultry feed, soy drinks, soy deserts and soy yogurt.

• Processed soybean products have a 4.8 billion dollar global market
• Protein-rich, it could emerge as a substitute for meat for the ill-nourished population of the world