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).
