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  • Hike in export incentive for cashew

    Dec 24th, 2017

    The Central government has increased the export incentive of cashew from 3% to 5% and promised the withdrawal of 5% import duty on raw nuts, the Cashew Export Promotion Council of India (CEPCI) has said.The council has submitted a proposal to the Centre to overcome the present crisis and revive the industry with a strategic business plan. Mission 2020, the proposed plan, envisages an export turnover of $1.2 billion and an additional employment of two-lakh workers by year 2020.

    Other targets of the proposal are achieving 60% mechanisation and automation in cashew processing, increasing the volume of value-added cashew products to 10% and self-sufficiency in raw nuts production.“Only 170 among our total 800 cashew processing units are functional as of now. Moreover, we are facing strong competitions from countries such as Vietnam. So we have come up with Mission 2020, which includes specific projects such as strategic business plan and special economic package to revive the ailing industry. The government has considered the proposals of the CEPCI with due priority,” said CEPCI chairman R.K. Bhoodes here on Saturday. The government has already approved Rs. 60 crore for mechanisation and process automation.

    In order to expand the scope and better functioning of the Cashew Export Promotion Council, the Centre had approved the proposal for accommodating new members and opening offices in other parts of the country.“In India 17 States are into cashew processing currently. So regional offices will be set up in seven States soon,” he said.The chairman said the CEPCI was working on branding Indian cashew based on quality, consistency and reliability.