The National Mission on Edible Oils – Oil Palm (NMEO-OP) was approved by the Union Cabinet to promote the domestic cultivation of palm oil over the next five years and reduce the import dependence on the same. The outlay for this scheme is Rs 11,040 crore. 80 per cent of the funding will be provided by the Central Government.
The scheme will mainly target northeast region and the Andaman and Nicobar Islands. It is significant as India is the largest edible oil importer in the world. Nearly 60 per cent of its annual needs comes from countries like Indonesia and Malaysia.