Modi to bet $1.5 billion on palm oil plan as imports surge

The government plans to spend $1.5 billion in the next three years to help farmers grow oil palm trees in Maharashtra and Karnataka, government sources said, with Prime Minister Narendra Modi pushing to make the nation self-sufficient in edible oils this decade.

Modi is targeting India's $10 billion import bill for edible oils, its third-highest overseas spend after oil and gold, and has already been considering buying oilseeds directly from farmers and boosting government support for growing rapeseed, soybeans and peanuts. A.

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