"The government will invest more than ₹11,000 crore via the National Mission on Oilseeds and Oil Palm to provide farmers everything possible, including better seeds and technology," Modi said on Twitter.
"When India is emerging as a major exporter of farm goods, we should not depend on imports for our edible oil requirements," Modi said.
The prime minister also transferred over ₹19,500 crore to over 9.75 crore farmers under the government's flagship PM-Kisan scheme.
On the occasion, Modi said while India has become self-sufficient or Aatamnirbhar in the production of rice, wheat and sugar, but it was not enough as the country is dependent on huge imports of edible oils.
Modi stressed India must become self-reliant in edible oil too as he announced NMEO-OP.
The prime minister said the government will ensure that farmers get all facilities, from quality seeds to technology to promote farming to produce palm oil and other oil seeds.
He said north-eastern states and Andaman and Nicobar Islands could be promoted for palm farming.
India produces less than half of the roughly 2.4 crore tonnes of edible oil that it consumes annually. It imports the rest, buying palm oil from Indonesia and Malaysia, soyoil from Brazil and Argentina, and sunflower oil, mainly from Russia and Ukraine.
The country does export agricultural commodities such as sugar and rice on the world market, but domestic oilseed production is nearly six times lower than rice and wheat on average.
India's vegetable oil imports have surged to 1.5 crore tonnes from 40 lakh only two decades ago, according to traders and industry officials. They said imports could reach 20 million by 2030, boosted by a growing population with higher incomes and a taste for calorie-laden curry and fried food.
With inputs from agencies.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!