Kerala to bear 50% interest on capital loans by cashew cos: Minister Rajeev

The Kerala authorities on Wednesday determined to bear a portion of the PF and ESI funds of the personal cashew firms in an effort to revive the crisis-hit business within the southern state.

State Industries Minister P Rajeev whereas launching eight new value-added cashew merchandise by the Kerala State Cashew Growth Company (KSCDC) for the Onam market right here, stated the federal government has additionally determined to bear 50 per cent of the mortgage curiosity burden of those factories and has reached a settlement with the banks to write down off all curiosity and compound curiosity on Non-Performing Belongings of cashew factories.

“Now the federal government has intervened with the banks, and the banks at the moment are prepared to write down off the penal curiosity and the amassed curiosity, and they’re able to settle these NPAs by settling 50 per cent of the quantity of the mortgage as much as Rs 2 crore and 60 per cent of the principal quantity as much as Rs 10 crore,” Rajeev informed PTI.

He stated the Kerala cashews produced by the KSCDC and Kerala State Cashew Staff Apex Industrial Co-Operative Society Restricted (CAPEX) are among the many finest on the earth, as these cashews are nonetheless produced below the standard methodology and are essentially the most wanted.

The uncooked nuts produced in areas like Aralam and Iritty within the Kannur district, generally known as ‘Jumbo’, are the largest nuts accessible available in the market.

State Finance Minister Okay N Balagopal, who was current on the operate, stated the cashew sector has been one of many essential employers in Kerala, with a majority of the workforce being ladies.

He stated the federal government has solved virtually all labour points in these sectors, offering a significant enhance to the business.

Aside from 30 factories of KSCDC and 10 belonging to CAPEX, there have been greater than 700 cashew factories within the personal sector in Kerala, out of which solely 200 or so at the moment are functioning.

Although the market demand may be very excessive, Kerala doesn’t produce sufficient to satisfy the demand.

“We at the moment are importing cashew primarily from African international locations. Cashew factories in different states in India, like Maharashtra, Karnataka, and Tamil Nadu, are additionally relying on imported cashews from African international locations,” Sunil John Okay, supplies supervisor, KSCDC, informed PTI.

He stated the cashew manufacturing in Kerala has come down through the years.

“The very best cashews can be found in Kannur and Kasaragod districts, and there’s a large competitors to get them,” he added.

Based on sources, the cashew manufacturing unit foyer in Mangaluru in Karnataka takes the farms in Kannur and Kasaragod nicely upfront and secures the produce as a result of excessive demand for this high-quality cashew.

Now the Kerala authorities is selling cashew cultivation by offering free grafted saplings to the farmers, and those that are cultivating above two hectares are paid Rs 60 per sapling after three months.

“These grafted saplings begin producing nuts from three years onward,” Sunil stated.

At current, the Kerala authorities is procuring uncooked nuts from the farmers at Rs 114 per kilogramme, which is greater than the market value, Sunil stated.

Earlier, the KSCDC launched eight new value-added merchandise for the Onam market and might be promoting them with a 30 per cent low cost.

The brand new merchandise launched are Cashew Vita Pista, Cashew Vita Cardamom, Cashew Vita Vanilla, Cashew Vita Chocolate, Cashew Vanilla Milk Shake, and flavoured cashew merchandise like chilli-garlic coated cashew nuts, salt and pepper cashew nuts, pink chilli coated cashew nuts, cashew soup, cashew powder, cashew soda made out of cashew apple pulp, cashew apple squash, and cashew pine jam.

The KSCDC received an award for bringing out the utmost variety of value-added merchandise from cashew in 2018 and 2019 consecutively from the Central Authorities within the Cashew Conclave. This award was stopped on account of COVID and is but to be reinstated.

(Solely the headline and film of this report might have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

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