After successfully launching a special purpose fund for tea plantation, the Union commerce ministry has come up with a proposal to float such funds for coffee, pepper and rubber. The ministry aims to provide Rs 1,500 crore for these three important plantation sectors. The respective commodity boards are working on the structure of the fund. The proposal will be placed before the Cabinet shortly.
The ministry has proposed Rs 600 crore fund for replanting and rejuvenating 90,000 hectares of coffee plantation. Coffee, which has a large international market, earns export revenues for the country. For pepper and rubber, the ministry has proposed a Rs 400 crore and Rs 500 crore funds respectively.
Special purpose tea fund (SPTF) will be headed by a full-fledged chief executive officer to monitor its proper utilisation.