NEW DELHI: The Union Cabinet on Wednesday approved the Rs 11,040 crore National Mission on edible oils-oil palm (NMEO-OP) to reduce dependence on imported edible oils.
In a media interaction after the Cabinet meeting, information and broadcasting minister Anurag Thakur said that the scheme will have a special focus on he northeast region and the Andaman and Nicobar Islands.
The plan focuses on increasing the area under oilseeds, enhance productivity of palm oil and help oilseed gardens.
It will also help in utilising the huge potential area and reduce import dependency for palm oil, the minister said.
The scheme also gives price assurance to oil palm farmers for fresh fruit bunches.
"Due to heavy dependence on imports for edible oils, it is important to make efforts for increasing the domestic production of edible oils in which increasing area and productivity of oil palm plays an important part," Thakur said.
The decision comes after Prime Minister Narendra Modi announced the new central scheme on August 15 during his Independence Day speech at Red Fort.
