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 the domestic cultivation of oil palm in the next five years, and reduce the country's dependence on edible oil imports.
The decision comes after Prime Minister Narendra Modi announced the new central scheme on August 15 during his Independence Day speech at Red Fort.
Briefing media, Union Information and Broadcasting Minister Anurag Thakur said the Cabinet approved the NMEO-OP with a focus on the northeast region and the Andaman and Nicobar Islands, PTI said.
Due to heavy dependence on imports for edible oils, it is important to make efforts for increasing the domestic production of edible oils in which increasing area and productivity of oil palm plays an important part, he said.
The new central scheme has been approved with a financial outlay of Rs 11,040 crore, he added.
Balram Singh Yadav, Managing Director, Godrej Agrovet Limited said, “We commend the path-breaking decision taken by the Government of India (GOI) to introduce the new Mission on Oil palm to be known as the National Mission on Edible Oils – Oil Palm (NMEO-OP) as a new Centrally Sponsored Scheme with a special focus on the North east region and the Andaman and Nicobar Islands.
"I feel that this progressive and landmark announcement will go a long way in making India self-reliant in edible oil and also encourage our farmers to adopt oil palm plantation that has better returns. GOI by assuring a transparent price mechanism based on last 5 years average has made sure that the farmer remains unaffected by price volatility.
"Since it is a long gestation crop, initial improved support to the farmers will also encourage quicker adoption and sustainability of this crop. I am sure that this Central - State government partnership will go a long way in helping increase farmers income in the long run", he said.
(With PTI inputs)
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