India Boosts Domestic Palm Oil Production Amid Rising Global Prices
India's efforts to reduce its reliance on imported cooking oils are showing promising results. The National Mission on Edible Oils, Oil Palm, launched in FY22 with a budget of Rs 11,040 crore, has led to a significant expansion of oil palm cultivation across the country.
The mission aims to bring 0.65 million hectares under oil palm plantation, and so far, close to 0.3 million hectares have been brought under cultivation in the last five years. This expansion is not limited to any particular region, with 15 states, including Andhra Pradesh, Telangana, Karnataka, Kerala, Odisha, Chhattisgarh, Gujarat, Assam, and Tripura, participating in the mission.
The growth of domestic oil palm production has already led to a substantial increase in annual crude palm oil production, with around 0.5 million tonnes being produced currently. However, sources indicate that once most of the new plantations start bearing fruit, production will grow substantially, reducing import dependence significantly.