India’s Cabinet Committee on Economic Affairs (CCEA) has approved a Rs 77.45 crore package to revive the state-run North Eastern Regional Agricultural Marketing Corporation Limited (NERAMAC). “CCEA, chaired by the Prime Minister has approved a revival package of Rs 77.45 crore for NERAMAC,” Information and Broadcasting Minister Anurag Thakur said in a media briefing.
NERAMAC is a central public sector enterprise under the administrative control of the Ministry of Development of North Eastern Regional (MDoNER).
With the implementation of the revival package, the government said remunerative prices to farmers of the north eastern region of their products will be ensured.
The revival package will help NERAMAC to implement various innovative plans like providing better farming facilities, training to farmers in clusters, organic seeds, and fertiliser, post-harvesting facilities in order to promote the products of north east farmers in the world market, he said.
In a statement, the government said out of the total revival package, Rs 17 crore is towards fund-based support and Rs 60.45 crore is non-fund-based support.
The Geographical Indications (GI) tagging and marketing of organic products from the north eastern region in other parts of India and the globe will enhance the export of these products which will improve the economic status of farmers.
Moreover, this fund will also help to increase the revenue of the Corporation and reduce overheads as a result of VRS and other cost-cutting measures. The Corporation will start making profits on a sustained basis and its dependency on the central government loan will cease. After the implementation of the revival of NERAMAC, employment is expected to be generated to about 33,00 persons, it added.