A one-time settlement amount worth Rs 500 cr announced for Kerala's cashew industry

Thiruvananthapuram: Following multiple rounds of discussions between the Kerala government, banking officials, and the cashew industry, a one-time settlement deal worth Rs 500 crores has been announced for Kerala's cashew in,  State Industries Minister P. Rajeeve said.

Due to excessive manufacturing costs, a lack of raw nuts, and the Covid epidemic, Kerala's once-profitable cashew sector has been in disarray for years, and they have been requesting help from the Pinarayi-Vijayan-led Left administration since 2016.

The Vijayan government made its initial intervention in 2019, and since then, there have been regular discussions with all parties involved. This initiative, according to State Industries Minister P. Rajeeve, will help those in the cashew business who have taken out a loan of up to Rs 10 crore.

Interest would be waived on all loans obtained by the cashew business up to Rs 10 crores under the new package. Those who have accepted loans for amounts up to Rs 2 crore can also close their accounts by paying 50% of the capital. Those who have taken out loans ranging from Rs 2 to Rs 10 crore must pay 60% before their accounts can be closed.

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