Godrej Agrovet signs agreements with NE states to cultivate oil palms

22 Aug 2022 , 03:15 PM

Godrej Agrovet, a diversified agribusiness, announced on Monday that it had signed three Memorandum of Understandings (MoUs) with the state governments of Assam, Manipur, and Tripura for the development and promotion of oil palm cultivation in the area under the National Mission on Edible Oils-Oil Palm (NMEO-OP) scheme.

The largest oil palm processor in India, Godrej Agrovet, works closely with farmers throughout the whole lifecycle of their crop. The MoUs are consistent with Godrej Agrovet's long-term plan to double farmer income and sustainably increase oil palm production as part of India's oil mission.

The National Mission on Edible Oils - Oil Palm (NMEOOP), with a budgeted outlay of Rs11,040 Crore, was started by the Indian government in August 2021. With a particular focus on the North East region and the Andaman and Nicobar Islands, the government has planned to increase the area under cultivation of oil palm to 10 lakh hectares by 2025—2026 and 16.7 lakh hectares by 2029—30 under this mission.

In accordance with the agreed MoU, Godrej Agrovet would be given land in all three states to promote and expand environmentally friendly palm oil plants there. The agreement will open up new possibilities and growth for establishing oil palm plantations in these three states and will assist in giving farmers the necessary support.

Palm oil is an imported commodity for India. The absence of indigenous output strains not only the industry and related industries, but also India's economy. Intercropping and modern farming methods are the foundation of India's sustainable palm oil plantation concept. The majority of the nation's palm oil is grown by converting paddy fields that have been producing surplus food.