Cabinet approves National Mission on Edible Oils

Cabinet approved the ‘National Mission on Edible Oils — Oil Palm (NMEO-OP)” with the financial outlay of Rs 11,040 crore.

Key Points

• This approval was given in order to promote the domestic cultivation of oil palm in next five years.
• It will help in reducing India’s dependence on imports.
• The decision was taken after Prime Minister Narendra Modi announced this new Central scheme on August 15.

About National Mission on Edible Oils

The National Mission on Edible Oils is a centrally sponsored scheme. Out of the total outlay of Rs 11,040 crores, share of central government is Rs 8,844 crores. Rs 2,196 crores would be shared by states. This scheme will subsume the “National Food Security Mission-Oil Palm programme. It was launched in line with the Aatmanirbhar Bharat scheme.

Aim of the mission

The National Mission on Edible Oil was launched with the aim of covering oil palm in an additional area of 6.5 lakh hectare by 2025-26. It seeks to reach the target of 10 lakh hectares.

Why this scheme is significant?

Currently India is heavily dependent on imports of edible oils to meet the domestic need. Thus, it is necessary to make efforts towards increasing their domestic production. In order to increase the production, increasing area and productivity of oil palm becomes important. This target of increasing area can be achieved through the mission.  Furthermore, Oil Palm can help making farmers aatmanirbhar in accordance with Aatmanirbhar Bharat initiative. This scheme will also help the Centre in ensure that farmers are not affected with market fluctuations.

Month: Current Affairs - August, 2021