The Cabinet has given its approval for setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam in Andhra Pradesh as an Institute of National Importance through an Act of Parliament.<br/><br/>The Institute will have the governance structure as well as legal mandate to grant degrees in a manner similar to IITs. A separate Act will also impart the required status to the Institute to become a Centre of Excellence in petroleum and energy studies. <br/><br/>The Cabinet has also approved over 655 crore rupees as capital expenditure to set up the institute and contribution of 200 crore rupees towards its Endowment Fund.<br/><br/>The Cabinet has also approved measures to increase oil palm area and production in India. These include relaxation of land ceiling limit for oil palm cultivation and revision of norms of assistance under National Mission on Oilseeds and Oil Palm. Palm oil contributes 70 per cent of vegetable oil import and is one of the cheapest oil due to high productivity per hectare. The total production of edible oil in the country is about 9 million tonne, while the domestic requirement is around 25 million tonne.<br/><br/>The Cabinet also approved the transfer on lease of 6.5 acres of Defence land to Kendriya Vidyalaya Sangathan at Air Force Station Kanpur for construction of school building and other associated infrastructure.