National Mission on Edible Oil-Oil Palm (NMEO-OP)
Part of: GS Prelims and GS- III – Food processing and related industries in India
In news Indian Prime Minister recently announced National Mission on Edible Oil-Oil Palm (NMEO-OP) initiative on palm oil production to help increase farm incomes.
- Rs. 11,000 crores over five year period will be invested in the edible oil ecosystem through this mission
What are the key features of the Scheme?
- Objective: To ensure self-sufficiency in edible oil production.
- Aim: To reduce import dependence from 60% to 45% by 2024-25, by increasing domestic edible oil production from 10.5 million tonnes to 18 million tonnes which is a 70% growth target.
- Farmers will get all needed facilities, from quality seeds to technology.
- Along with promoting the cultivation of oil palm, this mission will also expand the cultivation of our other traditional oilseed crops.
What is the need for such schemes?
- India is the largest consumer of vegetable oil in the world.
- India’s Palm oil imports are almost 60% of its total vegetable oil imports.
- Recently, India’s dependence on expensive imports has driven retail oil prices to new highs.
- In India, 94.1% of its palm oil is used in food products, especially for cooking. Thus, palm oil is extremely important to India’s edible oils economy.
- The oil is used in food manufacturing, in beauty products, and as biofuel.
- Palm oil accounted for about 33% of global oils produced from oil crops in 2014.
- Top consumers: India, China, and the European Union (EU).
Do you know?
- The NMEO-OP’s predecessor was the National Mission on Oil Seeds and Oil Palm.
- In May 2020, oilseed production had grown 35% from 27.5 million tonnes in 2014-15 to 37.3 million tonnes by 2020-21.
News Source: TH