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Union Cabinet approves India's first agriculture export policy to double farmers' income by 2022

The move is aimed at boosting exports of agriculture commodities such as tea, coffee and rice and increase the country's share in global agri-trade, Commerce Minister Suresh Prabhu said.

Edited by: India TV News Desk, New Delhi [ Updated: December 06, 2018 22:55 IST ]
  Commerce Minister Suresh Prabhu
Image Source : PTI

 

Commerce Minister Suresh Prabhu

The Cabinet Committee on Economic Affairs on Thursday approved an agriculture export policy with an aim to double the shipments to USD 60 billion by 2022.

The move is aimed at boosting exports of agriculture commodities such as tea, coffee and rice and increase the country's share in global agri-trade, Commerce Minister Suresh Prabhu said.

"The policy aims at doubling agricultural shipments to over USD 60 billion by 2022," he said while briefing media about the decision of the Union Cabinet.

Prabhu further said the Cabinet approved an agriculture export policy with an aim to double the shipments to USD 60 billion by 2022.

Cabinet gives nod for sale of govt stakes in REC

The cabinet approved the sale of the government's 52.63 per cent stake in REC Ltd to Power Finance Corporation (PFC).

The government is expected to garner around Rs 15,000 crore from this merger.

"The CCEA gave in principle approval for strategic sale of the Government of India's existing 52.63 per cent of total paid up equity shareholding in REC Ltd to Power Finance Corporation along with transfer of management control," Finance Minister Arun Jaitley said at a press conference after the Cabinet meeting in New Delhi.

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The government held 57.99 per cent stake in REC, and 65.64 per cent in PFC at September-end.

However, the government holding in REC came down to 52.63 per cent following stake sale through ETF.

Jaitley also said he had talked about the merger of public sector undertakings working in the same space in the budget for 2017-18.

In his budget speech, he had said there were opportunities to strengthen CPSEs through consolidation, mergers and acquisitions.

"By these methods, CPSEs can be integrated across the value chain of an industry. It will give them capacity to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders," he had said.

( With inputs from PTI )

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