Union ministers Anurag Thakur and Narendra Singh Tomar revealed today the policy choices reached Prime Minister Narendra Modi’s Cabinet meeting. The Union Cabinet has authorized a budgetary outlay of 11,040 crores to implement the National Mission on Edible Oils – Oil Palm, intending to expand the acreage and productivity of oilseeds and oil palm.
“This will boost capital investment, create jobs, reduce reliance on imports, and boost farmer income,” said Union Agriculture Minister Tomar. The decision follows Prime Minister Narendra Modi‘s announcement of the new federal plan during his Independence Day speech at Red Fort on August 15th. Union Information and Broadcasting Minister Anurag Thakur told reporters here that the Cabinet had approved the NMEO-OP, which will focus on the northeast area and the Andaman and Nicobar Islands.
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Because of the country’s significant reliance on imported edible oils, he believes it is critical to undertake measures to increase local edible oil production, including expanding the area and productivity of oil palm. He said that the new central program had been authorized with a budget of Rs 11,040 crore.
According to Agriculture Minister Narendra Singh Tomar, the government would provide price certainty to oil palm producers under the NMEO-OP plan. According to the agricultural minister, the government has quadrupled the support to oil palm producers for planting material under the central program, from Rs 12,000 per hectare to Rs 29,000 per hectare. According to Tomar, to alleviate the shortfall of producing material for oil palm production, the Centre would provide up to Rs 100 lakh in NMEO-OP support for 15 hectares.
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