New Delhi: From now onwards, the cooking oil in India is going to be cheaper as the Central government has launched National Edible Oil Mission-Oil Palm (NMEO-OP), a new system, with which the country will increase the domestic production of edible oil. On Wednesday, the Central government said that it will invest Rs 11,040 crore in this new ecosystem.Also Read - Jharkhand: 7 Children Drown In Pond During 'Karma Puja’ Festivities, PM Modi Expresses Grief

Prime Minister Narendra Modi had earlier this month announced this new plan. “The government will invest more than Rs 11,000 crore via the National Mission on oil seeds and Oil Palm to provide farmers everything possible, including better seeds and technology,” PM Modi said on Twitter. Also Read - Land of Afghanistan Should Not Be Used To Spread Terrorism In Any Country: PM Modi at SCO-CSTO Outreach Summit

It must be noted that India primarily and largely depends on the imports of oil to meet the domestic demand. However, India only produces 2.4 crore tonnes of edible oil that it consumes annually. Then the rest of oil it imports from the world to meet the demand — palm oil from Indonesia and Malaysia, soyoil from Brazil and Argentina, and sunflower oil, mainly from Russia and Ukraine. Out of the total import, palm oil constitutes about 55 per cent. Also Read - Recent Developments in Afghanistan Prove Radicalisation Biggest challenge to Peace: PM Modi at SCO Summit | Key Points

Currently, palm oil is the world’s most consumed vegetable oil and India is the largest consumer of vegetable oil in the world. Notably, the edible oils consumed in India include mustard, soyabean, groundnut, sunflower sesame oil, niger seed, safflower seed, castor and linseed (primary source) and coconut, palm oil, cottonseed, rice bran, solvent extracted oil, tree and forest origin oil. “When India is emerging as a major exporter of farm goods, we should not depend on imports for our edible oil requirements,” PM Modi had said.

As per the new plan of the Central government, the National Edible Oil Mission will raise the domestic production of palm oil by three times to 11 lakh MT by 2025-26. This plan will help the government to reduce the rising price of domestic edible oil.