Cabinet okays Rs 17,409 crore to CCI for cotton procurement in 7 seasons to 2020-21
The government on Wednesday approved a Rs 17,408.85 crore ‘committed price support’ to the Cotton Corporation of India (CCI) for seven cotton seasons from 2014-15 to 2020-21. The decision was taken at the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi.
The CCEA has approved incurring expenditure for reimbursing losses under MSP operations for cotton during the cotton season (October-September) 2014-15 to 2020-21.
The CCEA has given its approval for committed price support of Rs 17,408.85 crore to the CCI for the cotton seasons from 2014-15 to 2020-21 (up to September 30, 2021), an official release said.
Cabinet approves increase in ethanol price, cotton support
The government on Wednesday approved increase in ethanol prices, restoration and continuation of Member of Parliament Local Area Development Scheme (MPLADS), and support of ₹17,408.85 crore to Cotton Corporation of India for minimum support price (MSP) operations.
The Cabinet Committee on Economic Affairs (CCEA) also raised prices of sugarcane-based ethanol by up to ₹1.47 per litre for blending with petrol for the supply year 2021-22.
The price of ethanol extracted from C heavy molasses has been increased to ₹46.66 per litre, from ₹45.69, and that of ethanol obtained from B heavy molasses to ₹59.08, from ₹57.61. Ethanol produced from sugarcane juice, sugar/sugar syrup is ₹63.45 per litre, up from ₹62.65. Transportation charges and GST will have to be paid separately. Oil marketing PSUs such as Indian Oil, HPCL and BPCL obtain ethanol from distilleries at government-determined rates to mix with petrol. “The government has decided oil PSEs should be given freedom to decide pricing for 2G ethanol as this would help in setting up advanced biofuel refineries,” an official statement said.
Agritech start-up Arya.ag introduces buy now pay later facility
Agritech firm, Arya.ag has come up with a buy now pay later (BNPL) facility for those buyers who buy roughly 150-200 tonnes of agri produce (grains/oilseeds/pulses traded annually). This will help mitigate the age-old challenges of finance in the commodity buying space.
Buyers on the Arya.ag platform can currently receive a credit of up to Rs 25 lakhs with a 0% interest rate for 14 days. This amount will shortly go up to 2 crores. To avail the BNPL, buyers need to upload their basic KYC and financial details. Once onboarded, they can avail credit quickly. As a platform, Arya.ag is bringing together multiple players offering BNPL services and plans to extend these financial solutions to warehouse rent, loan repayment, etc.