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English Release 18-September 2014
Date Month Year
  • President's Secretariat
  • Statement by the President of India, Shri Pranab Mukherjee to the media on board the special aircraft on his way back from his state visit to the socialist republic of Vietnam
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  • Text of the Remarks by Prime Minister Shri Narendra Modi at the Press Briefing with President Xi Jinping of China
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  • Israeli Ambassador Meets Agriculture Minister
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  • FCI supply rice in 10 kg packets for flood affected people in Srinagar valley
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  • 33.9 metric ton of additional medical supplies to be sent to Srinagar
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  • Power Ministry Takes Several Measures to Restore Transmission Lines & Distribution System in Flood Hit J&K
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  • Union Water Resources to Visit Arsenic Affected Districts

Previous Date

 
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.

***


SH/SKS
(Release ID :78273)

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