Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ News / India/  Govt allows sale of excess tobacco produced by registered growers in Karnataka
BackBack

Govt allows sale of excess tobacco produced by registered growers in Karnataka

The move will help the farmers to overcome their financial plight inflicted due to low production and low earnings

During this crop season, 40,207 farmers in Karnataka cultivated FCV tobacco in an area of 60,782 hectares. (REUTERS)Premium
During this crop season, 40,207 farmers in Karnataka cultivated FCV tobacco in an area of 60,782 hectares. (REUTERS)

The union government on Saturday said that it has allowed sale of excess tobacco produced by registered and unregistered growers without any penalty on auction platforms in Karnataka.

“Union Minister of Commerce and Industry Shri Piyush Goyal has considered to allow the sale of the excess flue cured Virginia (FCV) tobacco produced by registered growers and unauthorized flue cured Virginia tobacco produced by unregistered growers without any penalty considering the low production during the 2022-2023 Karnataka Crop season," the commerce ministry said in a statement.

During this crop season, 40,207 farmers in Karnataka cultivated FCV tobacco in an area of 60,782 hectares. The total production of FCV tobacco in Karnataka remained at 59.78 million kg against the crop size of 100 million kg fixed by the tobacco board, due to continuous rains during months of June and July 2022.

The decision of imposing no penalty on the sale of excess FCV tobacco will greatly benefit the farmers of Karnataka to recover the loss due to less production during this crop season. This consideration will hand hold the farmers to overcome their financial plight inflicted due to low production and low earnings and would greatly help the growers to continue their livelihood, the ministry said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 18 Feb 2023, 04:24 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App