The government has launched a relief package, which will directly address the problems of the coffee growers, especially the small growers. Commerce and industry minister today flagged off the implementation of the `Coffee Debt Relief Package, 2010' by distributing the first batch of certificates to those small coffee growers whose loans have been waived under this package.
This is the first time that the Government of India has come forward with such a sizeable debt relief package for small planters.
The implementation of the Coffee Debt Relief Package 2010 for the debt-ridden small coffee growers, will involve a total financial burden of Rs241.33 crore on the government, a government release said.
Announcing this at an interactive meeting with beneficiaries in Bangalore today, commerce and industry minister Anand Sharma said that the package would cover a total of 78,665 loaner accounts having accumulated bank loans.
Of this, 74,929 (95 per cent) are small coffee growers who will get the benefit of both waiver and rescheduling of balance amount while the remaining 3,736 (5 per cent) accounts of medium and large growers will get the benefit of rescheduling of loans. The implementation of the package is under progress, the release said.
India has around 2 per cent of global area under coffee and an average share of 4 per cent of world production with an equal share in international trade, Sharma said, India is the first to offer `Coffee Rainfall Insurance' - protection against weather risk.