Telangana State Civil Supplies Corporation (TSCSC) is planning to raise an additional loan of ₹1,000 crore to purchase paddy arriving at the procurement centres in excess of the estimated quantity.
The corporation has already borrowed about ₹20,000 crore of short-term loans from different banks with State government standing guarantee to procure paddy during the 2020-21 rabi marketing season at the minimum support price (MSP) fixed by the Centre.
Chairman of the Corporation M. Srinivas Reddy on Wednesday asked officials at an emergency board meeting in virtual mode to scout for banks and financial institutions offering low-interest rates. The corporation is expecting about 5 lakh tonnes of excess paddy to arrive at the purchase centres before closure of procurement exercise over the next few days.
Mr. Srinivas Reddy said that procurement of paddy was expected to go beyond the targeted procurement quantity of 80 lakh tonnes this rabi procurement season. He stated that the corporation had already purchased 75 lakh tonnes this season and 10 lakh more tonnes was expected to arrive at the purchase centres.
He stated that production of paddy was higher than the estimated quantity in Narayanpet, Gadwal, Wanaparthy, Nagarkurnool, Mahabubnagar, Sangareddy, Medak, Siddipet and Yadadri districts this rabi season. As a result, the arrivals were expected to be around 85 lakh tonnes against the target of 80 lakh tonnes fixed by the government.
With the higher arrivals, the requirement of gunny sacks had also increased and it was estimated that another 2 crore gunny sacks were needed to procure 10 lakh tonnes.
Mr. Srinivas Reddy asked the officials to constantly monitor and speed up loading of paddy purchased at procurement centres and unloading at rice mills as rainy season was on the threshold.
He reviewed the district-wise availability of gunny sacks and the quantity required to procure the arriving paddy.
Crime Today News | Hyderabad