The centre will spend Rs 11 billion on a new mission to ensure self-sufficiency in edible oil production at a time when India's reliance on expensive imports has propelled retail oil prices to new highs, Minister Narendra Modi said Monday.
This financial disbursement for the National Mission of Edible Oil Palm (NMEOOP) will be for a period of five years, Ministry of Agriculture officials later confirmed.
The Prime Minister held a virtual event to discuss the release of the ninth instalment of 19,500 crore yen of income support to 9.75 crore farmers under the PM Kisan program.
"If India is recognized as a major exporter of agricultural products today, it is not appropriate that we rely on imports for our edible oil needs," said Modi, noting that the proportion of palm oil imported is more than. is 55%.
“We have to change this situation. The billions of rupees we have to give to others overseas to buy cooking oil should only be given to farmers in the country, ”he added, citing northeast India and the Andaman and Nicobar Islands. as privileged places for oil palm cultivation.