Price Of Edible Oil Will Decrease, Cabinet Approves Palm Oil Mission

In the midst of Covid, the common people who are facing inflation in the price of edible oils are now expected to get relief. The government has approved the Palm Oil Mission
Price Of Edible Oil Will Decrease, Cabinet Approves Palm Oil Mission
Image Credit: Money Control

In the midst of Covid, the common people who are facing inflation in the price of edible oils are now expected to get relief. To increase the availability of edible oils in the country, the government has approved the Palm Oil Mission worth Rs 11,040 crore. This will give some relief to the common people.

The Palm Oil Mission will reduce the dependence on the import of palm oil, increase the income of farmers and also benefit the oil industry. In fact, the government has also announced an assistance of Rs 5 crore for setting up industry related to palm oil. Due to this, employment opportunities for the people will also be strengthened.

Union Minister Anurag Thakur has given information about these decisions taken in the cabinet meeting led by Prime Minister Narendra Modi.

What is Palm Oil Mission?

Under the National Edible Oil Mission, the government is focusing on increasing palm oil production. The yield of oilseeds in the country is very low, which has been planned to increase. Under this, emphasis has also been laid on increasing the income of the farmers. The government has been trying to reduce the import of edible oils in the last few years under its Atmanirbhar Mission.

What is Palm Oil?

Image Credit: Food Processing Technology
Image Credit: Food Processing Technology

Palm oil is a type of edible oil that is extracted from the seeds of palm trees. It is used as an edible oil in hotels, restaurants, and in the home also. Palm oil is also used a lot in making bath soap. It also makes melt-in-the-mouth cream and toffee chocolate.

At present, about 80 million tonnes of palm oil are being produced worldwide. Palm oil accounts for 40% of the total imports of edible oils. Most of the palm oil for domestic consumption comes from Indonesia and Malaysia. Palm oil imports declined 43% to 4,65,606 tonnes in July, a five-month low.

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