The cabinet on Wednesday approved the National Mission on Edible Oils – Oil Palm (NMEO-OP) with a financial outlay of Rs 11,040 crore to promote domestic cultivation of oil palm over the next five years and reduce the country’s dependence on imports of oil palms. to reduce edible oil.
The decision comes after Prime Minister Narendra Modi announced the new central plan on August 15 during his Independence Day speech at the Red Fort.
Briefing reporters, Union Information and Broadcasting Minister Anurag Thakur said the cabinet has approved the NMEO-OP with a focus on the northeastern region and the Andaman and Nicobar Islands.
Due to the heavy reliance on imports for edible oils, it is important to make efforts to increase domestic production of edible oils, in which increasing the acreage and productivity of oil palms plays an important role, he said.
The new central scheme has been approved with a financial outlay of Rs 11,040 crore, he added.
Under the NMEO-OP scheme, the government will provide price guarantees to oil palm growers, said Agriculture Minister Narendra Singh Tomar.
The government has also more than doubled aid to Rs 29,000 per ha from Rs 12,000 per ha to oil palm growers for planting material under the central scheme, the agriculture minister told reporters.
To address the shortage of planting material for oil palm cultivation, the center will provide assistance up to Rs 100 lakh for 15 hectares under NMEO-OP, Mr Tomar added.