Financial Daily from THE HINDU group of publications
Saturday, May 07, 2005
Financial Daily from THE HINDU group of publications Saturday, May 07, 2005 |
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Agri-Biz & Commodities
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Tea Kundah tea revival project launched P.S. Sundar
Coonoor , May 6 A MASSIVE scheme, called "Kundah Tea Revival Project" to replant 3,000 hectares of age-old tea in the Kundah belt in the Nilgiris with high-yielding modern clones, has been launched as a concerted effort of Tea Board, UPASI Krishi Vigyan Kendra (KVK), Indian Bank, Hill Area Development Project (HADP) and the Indcoserve. Tea Board Executive Director, Mr Vikram Kapur, inaugurated the replanting operation by flagging off the earth moving machines to uproot the age-old bushes in the fields of small growers whose applications for replanting have been sanctioned. He said 7,000 hectares had been identified to possess age-old tea bushes, of which, 4,500 hectares have been found to be fit enough for massive replantation. In the present pilot project, 3,000 hectares have been included. In the initial stage, 63 applications have been sanctioned and he urged the growers to come forward with their applications soon. Since the cost of replanting would be around Rs 2.5 lakh a hectare, the growers were hesitant to undertake the uprooting of the old bushes. So, the Tea Board has come forward with a scheme to replant the bushes granting a subsidy of Rs 62,000 a hectare. This would involve an outlay of Rs 18.6 crore spread over the next three years, he said. As the Board's subsidy could be granted only after the replanting, a bridge loan has been mooted. "Indian Bank has received the applications and will disburse the loans at the earliest. Almost 80 per cent of the replanting cost would be given as loans and this would mean an outlay of Rs 2 lakh," said Mr Suresh Kumar, Agri-Business Manager of Indian Bank, Coimbatore. As the loan involved an interest component, the HADP Project Director, Mr S.J. Chiru, said the roject funded by Central Government and run by the Tamil Nadu Government, would absorb the interest which was otherwise payable by the small growers. This would mean an outlay of Rs 60 lakh. Since the bank does not get any guarantee or security from the growers, the Industrial Co-operative tea factory managed by the Indcoserve would ensure that the loans are properly utilised and monitor the repayment of the loan to the bank, said Mr P. Krishnan, Special Officer, Indcoserve.
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