Payment of outstanding subsidy to fertiliser firms approved -Governance Now

Payment of outstanding subsidy to fertiliser firms approved

The government is making available fertilizers to farmers at subsidised prices through fertilizer manufacturers/importers

GN Bureau | November 1, 2017

#Agriculture #Banking

The cabinet on Wednesday approved Special Banking Arrangement (SBA) for payment of outstanding subsidy to fertilizer companies.

The Cabinet Committee on Economic Affairs chaired by prime minister Narendra Modi has accorded approval for implementation of Special Banking Arrangement (SBA) for Rs. 10,000 crore for payment of outstanding claims on account of fertilizer subsidy in the year 2016-17.

CCEA has also approved that, in future, department of fertilizers would avail the SBA with the concurrence of department of expenditure.

Under the SBA, a total loan of Rs. 9,969 crore for settlement of outstanding subsidy bills with SBI was raised by the government. The loan amount along with interest liability on the part of government amounting to Rs. 80.90 crore were paid to SBI.

SBA for an amount of Rs. 10,000 crore for the year 2016-17 has already been implemented/ operationalised to overcome the liquidity problems of the fertiliser companies.

Comments

Other News

‘Oral cancer deaths in India cause productivity loss of 0.18% GDP’

A first-of-its-kind study on the economic loss due to premature death from oral cancer in India by the Tata Memorial Centre has found that this form of cancer has a premature mortality rate of 75.6% (34 premature events / 45 total events) resulting in productivity loss of approximately $5.6 billion in 2022

Days of Reading: Upendra Baxi recalls works that shaped his youth

Of Law and Life Upendra Baxi in Conversation with Arvind Narrain, Lawrence Liang, Sitharamam Kakarala, and Sruti Chaganti Orient BlackSwan, Rs 2,310

Voting by tribal communities blossoms as ECI’s efforts bear fruit

The efforts made by the Election Commission of India (ECI), over last two years, for inclusion of Particularly Vulnerable Tribal Groups (PVTG) communities and other tribal groups in the electoral process have borne fruit with scenes of tribal groups in various states/UTs participating enthusiastically in t

GST revenue for April 2024 at a new high

The gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST

First Magahi novel presents a glimpse of Bihar bureaucracy a century ago

Fool Bahadur By Jayanath Pati (Translated by Abhay K.) Penguin Modern Classics, 112 pages, Rs 250 “Bab

Are EVs empowering India`s Green Transition?

Against the backdrop of the $3.5 billion Production-Linked Incentive (PLI) scheme launched by the Government of India, sales of Electric Vehicles (EVs) are expected to grow at a CAGR of 35% by 2032. It is crucial to take into account the fact that 86% of EV sales in India were under the price bracket of $2