Finance HomeNational
Tea industry gets Rs 800 cr fillip
Thursday, March 27, 2008 15:35 [IST]

Nandini Goswami

Kolkata: Tea has received the highest sanction among plantation crops this time. The Cabinet and the Planning Commission have earmarked Rs 800 crore for the XIth Plan period, which is almost double from what was sanctioned for the last Plan. The Tea Board is lining up a host of schemes for various aspects - plantations, technology, research and development and HR issues relating to the tea industry.

While the largest share of funds has been sanctioned towards the Special Purpose Tea Fund (SPTF) aimed towards funding, replanting and rejuvenation of tea plantations over 85,000 hectares, additional measures are being taken up to give an impetus to the Indian brew.

The SPTF will have an estimated outlay of Rs 567.1 crore, which will include a subsidy of Rs 476.1 crore and Rs 91 crore as capital contribution.

Basudeb Banerjee, chairman, Tea Board, told DNA Money,

“The SPTF scheme will help improve yields and fetch better returns. We will also be organising various small growers to bring about better plantation practices during the XIth Plan.

“On the technology side, the subsidy for quality upgradation programme has been increased from 25% to 40% and this would largely relate to manufacture of orthodox tea, which is much in demand in export markets. India should target a total manufacture of 120 million kg to capture West Asian and Russian markets. We will also go in for a mid-term review on the subsidy on machinery,” Banerjee said.

Two major promotional campaigns, both on the domestic and international front under the market development scheme, are likely to unfold within the Plan Period. The Tea Board will unveil its domestic generic tea campaign in the next two months.

As a major initiative on HR issues, the XIth Plan is likely to see a centenary grant of Rs 20 crore for Tea Research Association, which was announced in the Union Budget this year. The Indian Institute of Planning Management is likely to have a branch in Jorhat as well.

With the Plan proposals in place, the Tea Board chairman said, “My first priority will be to start e-auction at six tea auction centres across north and south India in the second quarter of the new fiscal. A total sum of Rs 9 crore has been earmarked for the purpose. Although there are difficulties on the export front, I feel that there is a lot of scope to increase the volume and valuedriven export markets.”


Source : DNA

 Post Your Feedback   
Name
Email ID
Comments
 Other Features
News today
Press Releases
Stock Research
Market Tools
Print this page
Mail this page
Archives

  
More Finance News
SC breather for Tata Motors on...
Rupee recovers against dollar in...
Inflation hits 3-yr high of 7.83 pc
Jet to start San Francisco to...
Icahn fights Yahoo board to spur MS...
Lanka now as Tata Communication...
REL reacts to BEST accusations
Sensex closes at 17,434, up 81 pts
Rupee depreciates further against...
ONGC subsidy outgo to rise about...
Consumer goods IIP riddle
RPL refinery to redraw fuel trade...
'Revive MS talks or lose control'
Fuzzy note holds up steel goods...
‘IDFC will stay an institutional...
Punjab National Bank net up 129%
Royal Sundaram bets on customised...
PE players home in on mid-segment...
New tech can cut EPO, insulin...
Jain Irrigation to invest Rs 550 cr...
Phoenix Mills will build 25 hotels...

    WORTH A CLICK
  Sarees
Baby Clothes
Jewellery
Bluetooth Headsets
Health & Fitness