Tuesday, 18 June 2024
Trending
AgricultureIndia

Center to provide interest-free loans to tobacco farmers in Andhra

  • The Center is examining a proposal to offer interest-free loans to 15,000 tobacco growers in Andhra.
  • Interest-free loans with a six-month term that ranges from ₹10,000 to ₹20,000 will be provided.
  • In the first eight months of the current fiscal year, India exported tobacco valued at $981.05 million.

According to two officials with knowledge of the situation, the Center is examining a proposal to offer interest-free loans to 15,000 tobacco growers in Andhra Pradesh who were affected by Cyclone Michaung.

According to the officials, interest-free loans with a six-month term that ranges from ₹10,000 to ₹20,000 will be provided to encourage tobacco replanting. The Tobacco Board’s recommendation is being reviewed by the trade ministry, and a decision is anticipated shortly, they continued.

Tobacco farmers

A fifth of all tobacco produced in India is produced in the state of Andhra Pradesh, which suffered severe losses from the storm Michaung. With 9% of the world’s total tobacco production, India is the second-biggest producer in the world.

Farmers and members of Parliament have expressed a desire to offer temporary help to the state’s impoverished and marginalized farmers as a result of the hurricane. Approximately 800 million kilograms of tobacco are produced in India each year, with Gujarat accounting for 45% of the overall production.

While the harvesting season starts in March and lasts until June, the planting season begins in November and lasts until mid-January. Tobacco exports are performing well; the price realized at auction was 10% more than the previous year.

In the first eight months of the current fiscal year, India exported tobacco valued at $981.05 million. The US, Yemen, Egypt, Singapore, the Netherlands, the Philippines, Turkey, and Nepal were among the main export destinations, along with Belgium, the UAE, Indonesia, Russia, Korea, and the US.

Related posts
EconomyIndia

India's Economic Growth Outlook: Stability, Reforms, and Market Optimism

Morgan Stanley predicts Sensex to hit 82,000 in 12 months, driven by policy predictability and…
Read more
EmergencyIndia

Tragedy on the Tracks: Kanchanjunga Express Train Accident Updates

Eight confirmed fatalities and varying reports of up to 60 injuries. Initial investigations…
Read more
ConstructionIndia

Amaravati Development to Be Completed in 30 Months, Says Minister Narayana

Amaravati’s development to finish in 30 months International collaboration in city…
Read more
Newsletter
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *

EntertainmentMovies

The Indo-Canadian initiative has been shortlisted for the 2024 Oscars

Worth reading...