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.

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.)

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