India, Aug. 13 -- India is one of the largest producers of oilseeds but still imports 55 per cent-60 per cent of its edible oil requirements. Annually, more than $20 billion is spent on the import of palm, soybean and sunflower oil from Indonesia, Malaysia, Argentina, Ukraine and Russia. This was exposed sharply during the post-COVID commodity price surge of 2021-22, which saw the prices of edible oil double overnight. This led to the government introducing a much-needed policy directive, the National Mission on Edible Oils - Oil Palm (NMEO-OP), which is aimed at strengthening the ecosystem of India's edible oils.

The National Mission on Edible Oils was the need of the hour because the import bill on edible oil was rising and became the ...