The jute industry and the state owned Bangladesh Jute Mills Corporation (BJMC) in particular, is in for a bounty with the government deciding to infuse Taka 2.09 billion in to BJMC to purchase jute and clear its outstanding bills.
This was announced by the Textiles and Jute Minister Mr Siddiqui. He said, additionally the government would provide Taka 5.11 billion in the next fiscal (2009-10) to BJMC to feed raw jute to its mills in Bangladesh.
The government also intends to freeze all bank credit availed by the BJMC mills and earmark all losses of the state entity as business loans considering its status as an export manufacturing company.
He also said that the government after successful completion of the first phase of 'Small Scale Entrepreneurship Development in Diversified Jute Products' in October 2008, they had also undertaken the second phase for the next five years of the project.
He added by saying that under the Jute Diversification Promotion Centre (JDPC), nine medium and small-scale jute industries have so far been set up along with 300 cottage industries across the country.
Fibre2fashion News Desk - India
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