AGRI SHOP

Farming News


Bengal jute industry hit by fund crunch as banks set stringent credit norms

Representative image

The jute industry in West Bengal is facing difficulties due to the dearth of working capital, as banks have allegedly tightened the lending standards for the sector, officials said. The lenders have been seeking “clear land papers” from mills’ owners for extending loans, they said.

At present, three major jute mills remained closed due to working capital crunch, industry sources said.

“Lack of banking credit has hit several jute mills in the State. Mill owners are not getting adequate credit to run their businesses. Banks make lending norms more stringent for land titles, which is used as collateral,” a jute mill promoter told PTI on condition of anonymity.

Workers of closed Weaverly Jute Mills at Shyamnagar in North 24 Parganas district allegedly ransacked the office of the unit and torched two vehicles after the management put up a notice to continue the suspension of work on Friday. The work at the mill has been suspended since January 29 as the promoters of the company witnessed “a slowdown in business” and were struggling with “fund crunch”, sources said.

“Following the alleged fraud perpetrated by billionaire jeweller Nirav Modi and Mehul Choksi, the banks become extra cautious. They are seeking clear land papers before sanctioning loans,” industry sources said.

Indian Jute Mills Association chairman Raghavendra Gupta said access to bank credit against the land title is a challenge, though the State government had brought in a legislation and subsequently, amended a law to solve the problem. “Currently, lands of the mills belong to the State and had been given to the millers for a specific purpose. A legislation and the amended law enabled the government to offer land to mill owners for a lease of 99 years to solve this perennial title issue,” Gupta said.

He hoped that the mills will be able to supply monthly three lakh bales of jute bags to the government.

Farming News

  • The Centre’s initiative to help tomato farmers in Madhya Pradesh market their...
  • Kerala gardens reeling under a financial crisis Tea growers in Kerala are keeping...
  • Madhya Pradesh Govt orders issue of curfew passes With chaos in farm mandis across...
  • The government, on Wednesday, clarified that shops selling seeds and pesticides are...
  • Situation expected to improve as State governments issue passes for vehicles transporting...
  • Suspension of auctions in Bodinayakanur to continue till month-end The Spices...
  • Climate scientists studying potential climatic impacts of nuclear war on global food...
  • The Telangana Government has notified guidelines for the implementation of farm loan...
  • The euphoria over a rising trend in pineapple prices has started waning, with coronavirus...
  • Lasalgaon, Asia's largest wholesale market for onions, is gearing up for increased...
  • To counter rumours  that the coronavirus infection is linked to consumption...
  • Panic triggered by the spread of the Covid-19 virus has clouded the prospects of...
  • The coronavirus scare has slowed down commodity trading in several markets, mainly...
  • The Karnataka-based All India Cashew Growers Association (AICGA) has urged the Centre...
  • The 4.61 per cent increase in minimum support price (MSP) for the milling copra variety...
  • The government plans to formulate a National Fisheries Policy for holistic development...
  • Projections of a bigger crop for Rabi 2019-20, coupled with the prospects of weak...
  • Pepper prices remained steady despite a slow trading in upcountry markets, mainly...
  • Apart from higher productivity, its distinct musky flavour makes it good for juice...
  • Exports of basmati rice, the largest product in India’s agri export basket,...
  • Prices of vegetables in general, barring potatoes, have been trending lower for past...
  • Work is on, we will soon have a standardised database, says Dalwai In order to...
  • ICRISAT director says it’s the only way private sector participation can be...
  • Paradigm shift needed, says chief of Committee on Doubling Farmers’ Income The...
  • Declining pepper prices in Vietnam are worrying for Indian farmers as they fear a...
  • From ensuring remunerative prices for farmers through eNAM, risk-proofing agriculture...
  • Lower production and higher prices may come in the way of India grabbing a significant...
  • Som Parkash emphasises need to double farm income via increased production As...
  • Farm inputs such as chemical fertilisers, hybrid seeds and insecticides have played...
  • Organic food production is not economically sustainable at present in the state,...
  • Dichlorvos, which is also known as DDVP is a potent insecticide. It can kill locusts...
  • Isolated hailstorm is forecast today and tomorrow over Chhattisgarh, Bihar and Jharkhand There...
  • Sahakar Bharati, an organisation that seeks to promote the cooperative movement,...
  • India has issued import licences for 1.1 million tonnes of refined palmolein from...
  • CM writes to Goyal; says curb hurting dhall traders, flour mills Tamil Nadu Chief...
  • It is official. The latest data released by Tea Board confirms the speculation in...
  • India will hold talks with China to sort out the issues connected with the Chinese...
  • Rice exports from India is set to fall 18-20 per cent this fiscal because of weak...
  • Adopting agricultural reforms would help States get more funds from the Centre as...
  • The number of unique beneficiaries under the PM Kisan Samman Nidhi (PM-Kisan) till...
  • Winter is giving way to spring, and India is slowly heating up. Let’s see what...
  • 7.62 crore or 84 per cent of farmers have received the first instalment Over five...
  • The worst nightmare of farmers ― locust attack ― is knocking at the doors yet...
  • Lower arrivals continue to witness cardamom auctions, forcing the auctioneers to...
  • It seeks immediate help from the Centre in containing the pestilence and compensation...
  • Even as Finance Minister Nirmala Sitharaman announced in her Budget speech an aim...
  • The pepper farming community has hailed the budget announcement to strengthen the...
  • Cardamom auctions continue to witness lower arrivals as the total quantity offered...
  • The bulb now sells for ₹23/kg in the wholesale market, while landed cost of...
  • Aided by record planting and rising yields, wheat production in the country is seen...
  • India’s monthly palm oil imports from Malaysia could fall to the lowest level...
  • The days of onion crisis seem to be over. According to the first advance estimates...
  • The Indian seed sector lost one of its biggest export markets when the governments...
  • The Indian seed sector lost one of its biggest export markets when the governments...
  • The Indian seed sector lost one of its biggest export markets when the governments...
  • Teas worth ₹4.76 crore remained unsold at Sale 4 of the auctions of Coonoor...
  • Cardamom growers are worried over the climatic conditions prevailing in the growing...
  • The Ministry for Agriculture and Farmers Welfare organised the first National consultative...
  • Stock of rice, wheat with FCI is 2.6 times the buffer requirement. To make it easier...
  • In FY21, likely wage hike may prove a dampener There might be a marginal improvement...
  • After feeling the pinch of buying water to save his coconut trees for two years in...
  • It is true that direct benefit transfer (DBT) schemes for farmers would allow the...
  • Early outlook from global models says positive IOD will help; summer should be cooler...
  • In an inexplicable departure from what should have been obvious and rational, the...
  • Increase in planting of crops, especially wheat, gram and jowar, has helped rabi...
  • Farmers in Gujarat can heave a sigh of relief after the State administration successfully...
  • Even as tea auctions in Coonoor are closed for a fortnight for Christmas-New Year...
  • For now, feed/fodder to conform to BIS standards The Food Safety and Standards...
  • Sudden pick-up in wheat and pulses sowing this week has helped the country register...

Social Responsibility

  • Corporate Social Responsibility

    20-Oct-2016   Admin

    Corporate social responsibility (CSR) refers to business practices involving initiatives that benefit society....


Associated Partners