Business Daily from THE HINDU group of publications
Friday, Jan 19, 2007
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Business Daily from THE HINDU group of publications Friday, Jan 19, 2007 ePaper |
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Sick Units Agri-Biz & Commodities - Floriculture Ministry moots new fund to revive sick floriculture units Our Bureau
Bangalore , Jan. 18 The Commerce Ministry proposes to set up a new fund to help revive the sick floriculture units in the country, according to the Union Minister of Commerce and Industry, Mr Kamal Nath, on Thursday. Speaking after inaugurating the International Flower Auction Centre in Bangalore, Mr Kamal Nath said the proposed fund would be floated soon. A survey by Agricultural and Processed Foods Exports Development Authority (APEDA) has revealed that there are about 39 sick floriculture units in the country. About 16 units had been taken up for revival in the first phase earlier. Of the remaining 23 units, only 18 could be revived, said the APEDA Chairman, Mr K.S. Money. The arrears of the bank loans of these 18 units could be paid with the help of the proposed fund, that's likely to be between Rs 30 crore-40 crore, he said. Subsidy Mr Money also said that part of the fund could be utilised in providing transport subsidy to growers. Such a subsidy, which was being given earlier, had been withdrawn on September 3, 2002. The auction centre, built at a cost of Rs 10 crore, can accommodate over 100 bidders and has cold storage facilities. "Apeda hopes that the auction centre would open new vistas for floriculture exports from India," Mr Money said. Floriculture products exports have seen a major growth from Rs 50 crore in 1995-96 to over Rs 300 crore in 2005-06, Mr Money said.
More Stories on : Sick Units | Floriculture
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