India is preparing to become self-sufficient in the matter of palm oil. The Center’s Narendra Modi government has also approved a mission. In fact, at the Union Cabinet meeting chaired by Prime Minister Narendra Modi, a new mission for palm oil has been approved. The name of this operation is the National Edible Oil-Palm Oil Mission (NMEO-OP).
What is a Mission: This is a new centrally sponsored project and its focus is on the Andaman and Nicobar Islands excluding the Northeast. In fact, the reliance on edible oils is largely dependent on imports, so emphasis is being placed on accelerating the production of edible oils within the country. For this, it is important to increase the area and yield of palm oil.
How much does it cost: A budget of Rs 11,040 crore has been earmarked for the project, of which the central government has allocated Rs 8,844 crore. Of these, the states cost Rs 2,196 crore. It also included a mechanism to cover those losses in the event of higher costs than income.
Under this plan, the palm oil area is projected to increase to 6.5 lakh hectares by 2025-26. This will achieve the target of 10 lakh hectares. The government expects crude palm oil (CPO) yields to reach 11.20 lakh tonnes by 2025-26 and 2.8 million tonnes by 2029-30.
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How much palm oil is imported: India, the world’s leading vegetable oil importer, imports 4.65 lakh tonnes of palm oil in July 2021. More than 60% of the country’s total vegetable oil imports are palm oil. India mainly imports palm oil from Indonesia and Malaysia. A small amount of crude light oil, including Argentine soybean oil and sunflower oil from Ukraine and Russia, is imported.