English Release 1-November 2014
- Prime Minister's Office
- PM greets People of Madhya Pradesh on State’s Foundation Day
- PM greets People of Haryana on Haryana Day
- PM greets the people of Karnataka on Kannada Rajyotsava
- PM greets the people of Chhattisgarh on their Foundation Day
- Min of Defence
- Air Marshal B Suresh Takes Over as Senior Air Staff Officer Western Air Command, IAF
- Ministry of Finance
- Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
- Term of the Fourteenth Finance Commission Extended by Two Months up to 31st December, 2014
Ministry of Textiles07-December, 2011 20:45 IST
|Grant of subsidy to Jute Corporation of India to maintain its infrastructure for MSP (Minimum Support Price) operations|
|The Cabinet Committee on Economic Affairs today approved the following:|
(a) To provide subsidy to Jute Corporation of India on continuous basis to off-set the losses on account of MSP operations. The quantum of subsidy will include the difference between the expenditure incurred on MSP raw jute upto the point of sale and sale price of MSP raw jute. The reimbursement of fixed overhead cost would be maintained at a level of Rs.55 crore from the jute year 2011-12. It will be granted every year as preparedness expenses for conducting MSP operation, therefore, to be paid even for those years when there is no MSP operation.
(b) To regularise the subsidy given to Jute Corporation of India during 2009-10 and 2010-11 (Rs.36.59 crore and Rs.30crore respectively) and release the balance amount due for 2010-11 (Rs.6.59 crore) to make it at the same level as that of the previous years.
(c) To provide one-time government guarantee upto Rs.150 crore along with accrued interest, as applicable, for 10 years with effect from the financial year 2011-12 to public sector banks for availing of working capital loan facility as and when required by the Jute Corporation of India Ltd. for conducting the MSP operations.
This decision will provide financial support to Jute Corporation of India to protect the interest of the jute growers through procurement of raw jute under the MSP fixed by the Government of India and also to stabilize the raw jute market for the benefit of the 40 lakh farm families and the jute economy as a whole.
(Release ID :78273)