Govt okays Rs 28 cr to extend interest-free loan to tobacco farmers in AP

The government on Wednesday said it has approved Rs 28.11 crore to extend the interest-free loan to tobacco farmers of Andhra Pradesh.

loan
Photo: Shutterstock
Press Trust of India New Delhi
2 min read Last Updated : Jan 04 2023 | 8:33 PM IST

The government on Wednesday said it has approved Rs 28.11 crore to extend the interest-free loan to tobacco farmers of Andhra Pradesh.

This measure will help the FCV (Flue Cured Virginia) tobacco farmers overcome the damage caused by Mandous Cyclonic rains, the commerce ministry said in a statement.

The interest-free loan to the eligible farmers will be administered by the Tobacco Board, it added.

"Piyush Goyal, Minister of Commerce and Industry, has accorded approval for Rs 28.11 crore to extend a special interest-free loan @ of Rs 10,000 to each member of Tobacco Board's Growers' Welfare Schemes under Southern Regions (Southern Light Soil and Southern Black Soil) of Andhra Pradesh from the Tobacco Growers' Welfare Fund, which will directly benefit 28,112 farmers," it said.

FCV tobacco is a major commercial crop grown in 10 districts of Andhra Pradesh, with an annual production of 121 million kg (2021-22) grown in an area of 66,000 hectares. It is the major exportable tobacco variety of the total unmanufactured tobacco exports from India.

Out of the total unmanufactured tobacco exports (excluding Tobacco Refuse), FCV tobacco exports accounted for 53.62 per cent in quantity terms and 68.47 per cent in value terms during 2021-22.

FCV Tobacco growers sell their produce through an e-auction platform developed and operated by the Tobacco Board.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :loanTobacco

First Published: Jan 04 2023 | 8:33 PM IST

Next Story