The amount that state agencies guarantee to buy at pre-set prices will double to Rs 19,000 crore ($2.9 billion) for a five-year period ending in 2021/22, government spokesman Frank Noronha said in a tweet.
India is the world's biggest edible oil buyer and frequently imports pulses, or lentils, because many Indian farmers tend to swing from one commodity to another depending on government incentives, leading to oversupplies one season and shortages in the next.
The government has been seeking ways to encourage farmers to invest in those commodities.
"This will help in protecting the farmers producing these commodities from making distressed sales during peak arrival periods and to provide remunerative prices with a view to encourage higher investment and production ...," Noronha said.
Prime Minister Narendra Modi has been trying to cut India's edible oil import bill of more than $10 billion a year, but consumption has far outpaced demand in the country known for its love for deep-fried food.
($1 = 65.1550 Indian rupees)
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.