Cabinet approves project to boost Palm Oil Production
Yesterday, the Union Cabinet approved the big project on boosting Palm Oil Production. It is around Rs. 11,040 crores National Mission on edible oils. It also aims to reduce dependence on expensive imports from South East Asia.
However, the Centre will come up with an evil plan to fix and control palm oil prices. In case, the market is volatile, the difference will also be paid by the centre through direct benefit transfer. Further, the expenditure will remain set to 5 years.
It is so important to increase the domestic production of edible oils. Because there’s heavy dependence on imports for edible oils.
“FARMING IS A PROFESSION OF HOPE.”
The financial expenditure of Rs. 11,040 crores on this scheme, in which Rs. 8,844 crores of share go to central and Rs. 2,196 crores of share go to state.
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As of the source, the main objective of the scheme is to increase the domestic stock of palm oil by three times to 11.20 lakh tonnes by 2025-2026. Moreover, it aims to increase around 28 lakh tonnes by 2029-2030.
An increase in domestic production requires inflating the palm oil cultivation area to 10 lakh hectares by the next four to five years. By 2029-30, it plans to increase to around 16.70 lakh hectares. The proposed scheme will incorporate the current National Food Security Mission-Oil Palm programme.