India is one of the major oilseeds growers and importers of edible oils. India’s vegetable oil economy is the fourth-largest in the world. To harness the hidden potential of the sector, the Union Cabinet has given its approval to launch a new Mission on Oil palm, i.e. National Mission on Edible Oils – Oil Palm. It has been recognized as a new centrally sponsored scheme with a special focus on the Northeast region and the Andaman and Nicobar Islands.
Let’s get to know more about the Scheme
The Scheme has been launched to increase the domestic production of edible oils where increasing area and productivity of oil palm remains an important aspect. Moreover, a financial outlay of Rs.11,040 crore has been made for the scheme, out of which Rs.8,844 crore is the share of the Government of India and Rs.2,196 crore is State share.
It is also proposed to cover an additional area of 6.5 lakh hectares for oil palm till the year 2025-2026, thus, reaching the target of 10 lakh hectares.
It is also worth noting that the production of Crude Palm Oil is expected to reach up to 11.20 lakh tonnes by 2025-2026 and up to 28 lakh tonnes by 2029-2030.
The Scheme offers several benefits. Let’s learn about them.
The scheme will immensely benefit the oil palm farmers, increase capital investment and will help in boosting employment generation. It would be quite beneficial in reducing the import dependence and increasing the income of the farmers.
It is important to know that oil palm farmers produce Fresh Fruit Bunches from which oil is extracted by the industry. Currently, the prices of these Fresh Fruit Bunches are linked to the international Crude Palm Oil prices fluctuations.
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