Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Thursday, September 20, 2018 07:46:55 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Tk 1000cr fund to boost jute output

photo by

By
12th-Oct-2017       
Comments
Share your thought
Post a comment »
Read all () »

Economic Reporter :
The government is considering creating a Tk 1000-crore special fund to boost the production of jute for earning more foreign exchange after meeting the local demand, incorporating the golden fibre into the list of agro-products.
Prime Minister Sheikh Hasina on March 6 last officially declared that jute and jute goods will be considered as agro-based products so that this foreign exchange-earning sector could get all the benefits the country's other agro-based items get.
A process is underway to accept a proposal for increasing the cash incentive for this sector from 7.5 percent, according to an official document.
It also mentioned that the government is actively considering creating a special fund of Tk 1000 crore, like the Export Development Fund (EDF) of Bangladesh Bank, at a 2 percent interest rate.
"The formation of the fund is underway," the document said, adding that jute and jute goods exporters can get low-interest loans from the fund.
Currently, exporters producing products using imported raw materials are getting loans at only 2 percent interest rate from the EDF.
According to officials at the Textiles and Jute Ministry, the government has taken the initiative to revive the past glory of the country's jute industry.
 Bangladesh usually exports jute to India, Pakistan, China, Nepal, Germany, Korea, Brazil, Djibouti, Russia, Vietnam, Ivory Coast, the USA, the UK, El Salvador, Iraq and Iran.
The country earned US$167.84 million from exports of raw jute and US$794.58 million from jute goods in 2016-17 fiscal year while $173.17 million from raw jute exports and $746.41 million from jute goods in the fiscal 2015-16.
The Awami League government opened five state-run jute mills which were remained closed. These mills are -- People's Jute Mills (presently named Khalishpur Jute Mills), Quwami Jute Mills (presently named Jatiya Jute Mills), Doulatpur Jute Mills, Karnaphuli Jute Mills and Forat-Karnaphuli Jute Mills.
Of them, People's Jute Mills, Quwami Jute Mills, Karnaphuli Jute Mills and Forat-Karnaphuli Jute Mills were shut down on July 31, 2007 during the army-backed caretaker government.
The present government resumed the operation of People's Jute Mills on March 5, 2011 while Quwami Jute Mills went into operation again on April 9, 2011, and Karnaphuli Jute Mills January and Forat-Karnaphuli Jute Mills on 26, 2013.
Doulatpur Jute Mills went out of operation on December 8, 2002 during the BNP-Jamaat regime and it was reopened on January 24, 2013.
According to the official document, the government has taken steps to conduct BMRE (balancing, modernisation, renovation and expansion) of 26 jute mills which are 50-60 years old gradually at a cost of Tk 6000 crore with the assistance of China.
The government also made it mandatory to use jute bags for packaging 17 items, including paddy, rice, wheat, corn, fertiliser, sugar, chilli, onion, ginger, potato and others under a law formulated in 2010.
"The number of items will be increased gradually," a senior official at the Textiles and Jute Ministry said, adding that the demand of jute and jute goods is increasing in the local market.
 To make the jute and jute goods more popular, he said, the government for the first time observed the Jute Day on March 6 this year.
"Removing various hurdles to the markets of Middle Eastern and African countries, the government is trying hard to increase the export of jute and jute goods," he said.
It is very much sincere to develop the country's jute sector as this product is related to the independence movement, the official said.

Tariff
Add Rate

News Archive

Inside The New Nation

Football »

Japanese MMA star Norifumi 'Kid' Yamamoto dies at 41


Tributes flowed Wednesday for charismatic Japanese Mixed Martial Artist ( MMA) Norifumi "Kid" Yamamoto, who died at age 41, three weeks after announcing a battle with cancer.Born to a family of wrestlers and martial artists, the wiry, tattoo-covered Yamamoto took on larger opponents in a wide range of MMA events, ...

Editorial »

Ecological danger for destroying forest by Rohingyas


A STUDY has revealed that 4,300 acres of hills and forests have been razed in Cox's Bazar to set up refugee camps and cooking fuel for Rohingyas who fled ethnic cleansing in Myanmar. Quoting the study, news media reported that about 3,000-4,000 acres of hill land at Teknaf and Ukhia ...

International »

Kim agrees to dismantle main nuke site if US takes steps too


AP,  Pyongyang :The leaders of North and South Korea announced a wide range of agreements Wednesday which they said were a major step toward peace on the Korean Peninsula. But the premier pledge on denuclearization contained a big condition, with North Korean leader Kim Jong Un stating he'd permanently dismantle ...

International »

Sex with Trump 'least impressive' she's ever had: Daniels


Stormy Daniels, the porn star who claims to have slept with Donald Trump over a decade ago, says in her upcoming tell-all book that it may have been the "least impressive sex" she'd ever had, The Guardian reported Tuesday.In her book, "Full Disclosure," Daniels also provides a graphic description of ...

Entertainment »

I`m seen as a fierce and opinionated woman post Bigg Boss: Hina Khan


Actor Hina Khan believes Bigg Boss helped her showcase her real personality, which is that of a woman who does not shy away from speaking her mind. The actor became one of the most talked about contestants on the 11th edition of the reality TV show, which has just begun ...

City »

Dhaka University teachers formed a human chain programme on the campus on Wednesday demanding release and proper treatment of BNP Chairperson Khaleda Zia.


Editorial »

We welcome Islamabad for awarding Bangladeshi-origin refugees Pakistan`s nationality


PAKISTAN government has decided to grant nationality to all Pakistan-born refugees of Bangladeshi and Afghan origins staying there for decades. Prime Minister Mr Imran Khan on Sunday made this announcement during his maiden visit to Karachi, saying the Bangladeshi and Afghan refugees who were born in Pakistan would get National ...

Sports »

Argentina's Facundo Conte (left) and teammate Alexis Gonzalez celebrate during the Men's World Championships' volleyball match between Argentina and Slovenia, in Florence, Italy on Monday.


Football »

FIFA president Infantino has doubts about La Liga match in Miami


AFP, Barcelona :FIFA president Gianni Infantino has expressed concern about La Liga's proposal to stage a fixture between Girona and Barcelona in the United States.The two clubs have each approved a request submitted to the Spanish Football Federation for the match to be played at the Hard Rock Stadium in ...

Entertainment »

Annie Sekhon all set to shine in Bollywood


Actress Annie Sekhon who has worked in many television shows and Punjabi films is having the time of her life. Off late she's been enjoying the success of her latest Punjabi film, 'Punjab Singh' opposite Gurjind Maan. The hangover of this film hasn't even faded yet and she's taking a ...

Entertainment »

2018 Emmy winners list


Best Drama Series: Game of ThronesBest Comedy Series: The Marvelous Mrs. MaiselBest Actor, Drama Series: Matthew Rhys, The AmericansBest Actress, Drama Series: Claire Foy, The CrownBest Supporting Actor, Drama Series: Peter Dinklage, Game of ThronesBest Supporting Actress, Drama Series: Thandie Newton, WestworldBest Writing, Drama Series: Joel Fields and Joe Weisberg, ...

Business & Economy »

Md. Momin Ud Dowlah, Chairman and Managing Director of Eon Group of Industries Limited, inaugurating its 18th anniversary celebrating programme by cutting cake at Eon Convention Center in the city on Sunday. Major ABA Mesbah Ud Dowlah, Vice-Chairman, ABA Shahid Ud Dowlah, Executive Director, Sayeeda Dowla, Director and Dr. Tamim Ud Dowlah, Group Director were also present.


City »

BNP Standing Committee Member Barrister Moudud Ahmed speaking at a discussion on 'Voting Rights-Fair Justice and Human Rights: Present Bangladesh' organised by Bangladesh Jatiya Manobadhikar Parishad at the Jatiya Press Club on Tuesday.


International »

US slashes refugee admissions to 30,000 for 2019


Reuters, Washington :U.S. Secretary of State Mike Pompeo said on Monday the United States would cap the number of refugees allowed into the country at 30,000 for fiscal year 2019, a sharp drop from a limit of 45,000 it set for 2018."We proposed resettling up to 30,000 refugees under the ...

Editorial »

Journalists` concern for free speech should not be ignored


EDITORS' Council on Saturday expressed its surprise, dissatisfaction, and shock at the final report of a parliamentary standing committee on the draft Digital Security Act which totally ignored the concerns expressed by journalists. Following disapproval from journalists, rights campaigners and foreign diplomats in Dhaka, the Law Minister earlier had admitted ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news