India News | Cabinet Approves National Mission on Edible Oils with Outlay of Rs 11,040 Cr

New Delhi [India], August 18 (ANI): With the aim to increase domestic production of edible oil, the Union Cabinet on Wednesday approved the implementation of National Mission on Edible Oils - Oil Palm with a financial outlay of Rs 11,040 crores.

The Union Cabinet, chaired by Prime Minister Narendra Modi on Wednesday gave its approval to launch a new Mission on Oil palm to be known as the National Mission on Edible Oils - Oil Palm (NMEO-OP) as a new centrally sponsored scheme with a special focus on the Northeast region and the Andaman and Nicobar Islands.

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Briefing the mediapersons, Union Agriculture Minister Narendra Singh Tomar said, "Due to the 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. Union Cabinet has approved the implementation of National Mission on Edible Oils - Oil Palm with a financial outlay of Rs 11,040 crores. The focus is on increasing area and productivity of oilseeds and oil palm. This will increase capital investment, help generate employment, reduce dependence on imports and increase the income of farmers."

Under the scheme, a financial outlay of Rs 11,040 crore has been made for the scheme, out of which Rs 8,844 crore is the central government share and Rs 2,196 crore is the state share and this includes the viability gap funding also.

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Union Minister Anurag Thakur said the government is emphasising on Atmanirbhar Bharat so that dependence on imports can be reduced.

"India is now among the top 10 countries in the world in the field of agriculture field. This has been achieved for the first time. In today's cabinet meeting the focus was also given on Act East Policy. A revival package of 70.45 crore will be allocated for North Eastern Regional Agriculture Marketing Corporation Limited to boost the agricultural sector in the northeast," Thakur said. (ANI)

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