Payment of outstanding subsidy to fertiliser firms approved

The government is making available fertilizers to farmers at subsidised prices through fertilizer manufacturers/importers

GN Bureau | November 1, 2017


#Agriculture   #Banking  

The cabinet on Wednesday approved Special Banking Arrangement (SBA) for payment of outstanding subsidy to fertilizer companies.

The Cabinet Committee on Economic Affairs chaired by prime minister Narendra Modi has accorded approval for implementation of Special Banking Arrangement (SBA) for Rs. 10,000 crore for payment of outstanding claims on account of fertilizer subsidy in the year 2016-17.

CCEA has also approved that, in future, department of fertilizers would avail the SBA with the concurrence of department of expenditure.

Under the SBA, a total loan of Rs. 9,969 crore for settlement of outstanding subsidy bills with SBI was raised by the government. The loan amount along with interest liability on the part of government amounting to Rs. 80.90 crore were paid to SBI.

SBA for an amount of Rs. 10,000 crore for the year 2016-17 has already been implemented/ operationalised to overcome the liquidity problems of the fertiliser companies.
 

Comments

 

Other News

Five ways to realise the potential of India’s handicraft and handloom sector

India`s economic ambitions are increasingly defined by the industries of the future. Semiconductors, electronics, artificial intelligence and advanced manufacturing dominate policy conversations. Yet one of India`s largest employment-intensive sectors continues to occupy a surprisingly marginal place in ec

Beyond toilets: Why open defecation persists in rural India

Despite the awareness campaigns on sanitation across India, open defecation (OD) is practised openly and widely in both rural and urban areas. Research shows that rural respondents are well aware of the negative impacts of OD, yet this awareness does not lead to toilet construction or use. In rural North I

What unpaid nation builders want from policymakers

The Supreme Court recently described homemakers as “nation builders” and fixed a notional monthly income of Rs 30,000 for them in motor accident compensation cases. The judgment was not about wages. It was about compensation. Yet it inadvertently raised a larger economic question: If a homemake

What the US–Iran peace deal means for India

After months of rising tensions, the United States and Iran have reached a memorandum of understanding called the "Islamabad Agreement." This agreement allows for the immediate reopening of the Strait of Hormuz without tolls and provides Iran with relief from sanctions, depending on its complianc

V. M. Tarkunde: A legal luminary par excellence

14 Lawyers: Portraits from The Bar By Raju Ramachandran  Juggernaut, 248 pages, Rs. 799  

The Cost of Obesity

The latest episode of Checks and Balances focuses on the ticking time bomb of obesity in India, and Geetanjali Minhas of Governance Now spoke with a panel of experts. You can watch the episode here: https://youtu.be/mH





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter