Indian Economy News

Prime Minister, Mr. Narendra Modi Spearheads the National Mission to attain Edible Oil Self-sufficiency.

Prime Minister Mr. Narendra Modi emphasized India's pursuit of self-reliance in edible oil production highlighting the significance of Mission Palm Oil and inaugurated the first oil mill under this mission during his visit to Arunachal Pradesh. India's heavy reliance on imported edible oil, constituting 57% of its total consumption, has substantially impacted its foreign exchange (FOREX) reserves, amounting to US$ 20.56 billion. To address this issue, India must bolster self-sufficiency in edible oil production, chiefly by promoting oilseed and palm oil cultivation.

Launched in August 2021, the National Mission for Edible Oils - Oil Palm (NMEO-OP) aims to increase oil palm cultivation and elevate Crude Palm Oil production to 11.20 lakh tonnes by 2025-26. The mission, operational in 15 states covering 21.75 lakh hectares, provides extensive support to farmers, including assistance in acquiring planting materials, guaranteed buyback agreements, and protection against global price fluctuations through viability gap payments (VGPs). This initiative reflects the government's commitment to promoting economic growth, empowering farmers, and fostering a sustainable and self-reliant ecosystem for edible oil production in India.

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