CCEA okays Rs 77.45 crore for revival of north eastern agri-marketing corp

By: |
Updated: August 18, 2021 5:38 PM

NERAMAC is a central public sector enterprise under the administrative control of the Ministry of Development of North Eastern Regional (MDoNER).

Agriculture ministry data showed that kharif sowing has been completed in 87% of the normal sowing area of 107.3 million hectare as of August 6.North Eastern Regional Agricultural Marketing Corporation (NERAMAC) is a central public sector enterprise

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a Rs 77.45 crore package for the revival of state-run North Eastern Regional Agricultural Marketing Corporation Limited (NERAMAC).

NERAMAC is a central public sector enterprise under the administrative control of the Ministry of Development of North Eastern Regional (MDoNER).

“CCEA, chaired by the Prime Minister has approved a revival package of Rs 77.45 crore for NERAMAC,” Information and Broadcasting Minister Anurag Thakur said in a media briefing.

The revival package will help NERAMAC to implement various innovative plans like providing better farming facilities, training to farmers in clusters, organic seeds and fertiliser, post-harvesting facilities in order to promote the products of north east farmers in the world market, he said.

In a statement, the government said out of the total revival package, Rs 17 crore is towards fund-based support and Rs 60.45 crore is non-fund based support.

With the implementation of the revival package, the government said remunerative prices to farmers of the north eastern region of their products will be ensured.

GI (Geographical Indications) tagging and marketing of organic products of north eastern region in other parts of India and globe, will enhance the export of these products which will improve the economic status of farmers.

That apart, it will help increase revenue of the Corporation and reduce overheads as a result of VRS and other cost cutting measures.

The Corporation will start making profits on a sustained basis and its dependency on the central government loan will cease.

After the implementation of revival of NERAMAC, employment is expected to be generated to about 33,00 persons, it added.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1FDI key to India’s aspiration to be a USD 5 trillion economy, says Deloitte CEO
2Cautious Push: Finance secretary TV Somanathan tempers stimulus expectations
3‘Forced formalisation behind the surge in tax collections’