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Business News/ Industry / Agriculture/  Cyclone-hit FCV tobacco growers of Andhra to get interest free loan of Rs10,000

NEW DELHI : Under the instructions of Union Commerce Minister  Piyush Goyal, financial aid worth 28.11 crore has been allocated to extend a special interest-free crop loan of 10,000 to the members of Tobacco Board’s Growers’ Welfare Schemes of Andhra Pradesh.

“Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles has accorded approval for Rs. 28.11 crore to extend 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," the Ministry of Commerce & Industry said in a statement.

This measure will help the FCV Tobacco farmers overcome the damage caused by Mandous Cyclonic rains and would greatly help the growers to take up immediate damage mitigation measures.

FCV tobacco is a major commercial crop grown in 10 districts of Andhra Pradesh with an annual production of 121 (2021-22) grown in an area of 66,000 ha. FCV tobacco 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 % in terms of quantity and 68.47 % in terms of value during FY 2021-22.

FCV Tobacco growers sell their produce through e-auction platform developed and operated by Tobacco Board, through a transparent process ensuring fair and remunerative prices to farmers. 

The interest-free loan to the eligible FCV Tobacco farmers will be administered by Tobacco Board, a statutory body under Ministry of Commerce and Industry.

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Updated: 04 Jan 2023, 09:21 PM IST
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