Tuesday, Mar 01, 2005
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By Our Special Correspondent
NEW DELHI, FEB. 28 . The Finance Minister, P. Chidambaram, today announced a financial package for the revitalisation of the sugar industry. Accepting the Tuteja Committee Report, he said sugar factories that were operational during the 2002-03 season will be assisted to restructure. The National Bank for Agriculture and Rural Development (NABARD), in consultation with State Governments, the Reserve Bank of India, banks and financial institutions, would work out a scheme for providing a financial package with a moratorium of two years, on both principal and interest, and a schedule of payment having regard to the commercial viability.
The Government has already reduced the rate of interest of loans from the Sugar Development Fund to two percentage points below the bank rate. The same is now proposed to be made applicable to outstanding loans as on October 21, 2004.
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