THIRUVANANTHAPURAM: The Cashew Export Promotion Council of India (CEPCI) has submitted a five-point remedial plan to Centre for revival of cashew industry. At a press conference here, CEPCI Chairman P Sundaran said petitions had been submitted before finance minister Arun Jaitely and commerce minister Nirmala Sitharaman outlining specific issues pertaining to the cashew industry and seeking their intervention to resolve these. Along with this a request has been made CEPCI before Prime Minister to allow a special economic package for cashew sector.
Cashew exports from India declined by 40 percent as the export quantity dropped to 25,000 MT during April-August 2016 from 42,000 MT in the corresponding period last year. The newly-introduced import duty on the industry has hit the industry hard. As per the new provisions, duty free import is possible only if kernels weighing 25 per cent of the raw nuts imported and worth 15 per cent more in value are exported within 18 months. The present out-turn stands at a disheartening 12 to 18 per cent.
"Slashing of export incentives have also led to the drastic fall in exports," said Sundaran. Other suggestions placed by CEPCI before Prime Minister include special relaxations in non-performing asset rules to avoid classifying cashew industry loans as bad loans (NBA); restraining from moves to freeze/ take over the collateral property /stocks; converting the eroded working capital loan into term loans repayable over a long term period and allowing fresh low interest loans for raw nut procurement as also for automation and mechanisation of factories. The press conference was also attended by M.A. Ansar, vice-chairman, CEPCI, Dr Bhoodesh, member, committee of administration, K. Sasi Varma, advisor and Mrs Sree Rajmohan, joint director.
