The Union Cabinet has sealed the launch of the National Mission to curb the prices of edible oil. The Government has decided to launch a National Mission of Rs. 11,040 crores. The Union Cabinet on Wednesday approved the Rs 11,040 crores National Edible Oil (PALM OIL) Mission to reduce dependence on imports for edible oils.
It may be recalled that Prime Minister Narendra Modi had made an important announcement on August 9 to curb the prices of skyrocketing edible oils in the country. Prime Minister Modi had announced a national plan on palm oil production to curb oil prices and increase farmers' incomes.
The same Prime Minister had announced the National Mission on Edible Oils (POM Oil) to make the country self-reliant in edible oil and benefit the food providers for which the government will invest about 11,000 crores rupees. Under the scheme, the Central Government aims to increase the production of palm oil in the country by three times to 11 lakh Metric By 2025-26. The proposal of the Agriculture Ministry was approved at a cabinet meeting chaired by PM Narendra Modi on Wednesday. The government has also decided to increase the subsidy on palm cultivation to the donors and assistance on planting material.
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