For the revival of state-run North Eastern Regional Agricultural Marketing Corporation Limited (NERAMAC), the Cabinet committee of Economic Affairs (CCEA) has approved a package of Rs.77.45 crore on Wednesday.
NERAMAC is a central public sector enterprise under the administrative control of the Ministry of Development of North Eastern Regional (DoNER).
Anurag Thakur, Information and Broadcasting Minister said in a media briefing that "The CCEA, chaired by the prime minister, has approved Rs.77.45 crore recovery package of NERAMAC."
He said the revival package will help NERAMAC implement various innovative programs, such as providing better agriculture facilities, farmer cluster training, organic seeds and fertilizers, and post-harvest facilities to promote Northeast farmers products in the global market.
In a statement, the government said that of the total stimulus package, Rs.17 crore is for fund-based support and Rs.60.45 crore is non-fund-based support. It further said that compensation prices of products for farmers in the northeastern region are guaranteed.
GI (Geographical Indication) tagging and marketing of organic products in other parts of India and in the Northeast of the world strengthens the export of these products and improves the economic position of farmers.
Apart from that, VRS and other cost-cutting measures help businesses increase revenues and reduce overheads as a result.
The corporation will continue to make profits and will no longer be dependent on central government loans.
He added that after the implementation of the reactivation of NERAMAC, it is expected to create employment opportunities for approximately 3300 people.
About NERAMAC
NERAMAC aims to help farmers/producers in the Northeast to obtain profitable prices for their products, thereby bridging the gap between farmers and the market, and improving the agriculture, procurement, processing and marketing infrastructure in Northeast India. The company’s authorized capital is 10 lakh rupees, and its paid up capital is 762 lakh.
To achieve its main objective, NERAMAC assists growers in the purchase of commercial crops by intervening in the market and providing them with profitable prices. It also helps processing units by providing raw materials and organizing packaging materials. NERAMAC has several retail stores in the Northeast region, which directly sell various processed and value-added products produced locally in the region.
