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Centre approves aid for sugar industry
Gargi Parsai
NEW DELHI:
The Centre on Tuesday finalised a financial package for the revitalisation of the sugar industry to be implemented through the National Bank for Agriculture and Rural Development (NABARD).
The package was approved at a meeting here on Tuesday convened by Prime Minister Manmohan Singh with Finance Minister P. Chidambaram and Agriculture and Food Minister Sharad Pawar.
Sources said the package estimated at around Rs. 500 crores, involved re-scheduling sugar loans taken by the industry up to a maximum of 15 years and the downscaling of the rate of interest on the loans to about 10 per cent.
The package was a long-standing demanding of the industry and also a recommendation of the Tuteja Committee report on revitalising the sugar industry.
It was proposed in this year's budget.
Mr. Sharad Pawar had given a hint about the package on Sunday at the annual general meeting of the National Federation of Cooperative Sugar Factories Limited.
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