Explanation:

Recently, the Prime Minister has announced a new national initiative on palm oil production to help increase farm incomes.

• The scheme, called National Edible Oil Mission-Oil Palm (NMEO-OP), for self-reliance in edible oil involves investment of over Rs. 11,000 crore (over a five year period).

Aims

• To harness domestic edible oil prices that are dictated by expensive palm oil imports.
• To raise the domestic production of palm oil by three times to 11 lakh MT by 2025-26.
• This will involve raising the area under oil palm cultivation to 10 lakh hectares by 2025-26 and 16.7 lakh hectares by 2029-30.

Key Features

• The special emphasis of the scheme will be in India’s north-eastern states and the Andaman and Nicobar Islands due to the conducive weather conditions in the regions.
• Under the scheme, oil palm farmers will be provided financial assistance and will get remuneration under a price and viability formula.
• India consumes 10 per cent of the total global production of palm oil, with the consumption significantly exceeding domestic production. India produces less than 0.7 million tonnes of palm oil annually, while it imports around 7.4 million tonnes.
• The demand for palm oil is primarily driven by high consumption as a vegetable oil in food and fast-moving consumer goods industry led by its versatility.
• As many as 194.4 million people are still undernourished in India, highlighting the need to prioritise food security in the country, according to United Nations Food and Agriculture Organization in the State of Food Security and Nutrition in the World report.

Hence all statements are correct.