The recent hike in prices of rice supplied to exporters by the FCI is under review by the Government. This follows apprehensions that the hike would hit export of nonbasmati rice. All major exporters of non-basmati rice, including the state-owned State Trading Corporation and MMTC, have already petitioned the FCI and the Government to revoke the hike. Exporters are scheduled to meet the Food Minister, Mr. Ajit Singh, to present their case. The major point of dispute now is over FCI’s decision to make the revised prices applicable even for contracts which have already been entered into. Exporters have already booked orders for about 80 lakh tonnes of rice.

NABARD plans direct financing

The National Bank for Agriculture and Rural Development (NABARD) proposes to undertake direct financing of rural projects, in association with banks. NABARD’s activities had been restricted to extending refinance to the lending institutions providing rural credit. NABARD is working on the modalities to begin co-financing rural ventures with other lending institutions, or to participate in banks consortiums for financing larger rural projects. Sources said the bank’s main aim will be to provide financial assistance to high-risk ventures.

Rlys net surplus up Rs. 642 cr.

In the best-ever financial performance, the Railways ended fiscal 1994-95 with an ‘excess’ of Rs. 2,448 crores against the revised estimate of Rs. 1,870 crores. The net surplus after payment of dividend to the General Revenues is Rs. 642 crores higher than that in 1993-94. The improvement in overall performance was on account of higher gross earnings and better realisation from outstanding dues.

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