Markfed to raise Rs 50 crore loan to provide fertilizer

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Hyderabad, June 11 (UNI) Taking a serious note on shortage of fertilizers and price rise, the Andhra Pradesh Cabinet today empowered the State Marketing Federation (Markfed) to raise Rs 500 crore loan to make available ten lakh tonnes of fertilizer to farmers.

Briefing media, afer a Cabinet meeting chaired by the Chief Minister Y S Rajashekar Reddy, Information Minister A Ramanarayan Reddy said that the Chief Minister had directed the Agriculture Minister N Raghuveera Reddy and Civil Supplies Minister K Venkatakrishna Reddy to take stern action against unscruplous traders.

The two Cabinet colleagues were asked not to hesitate to invoke legal provisions to check black marketing and hoarding of essential commdoties and also fertilisers and seeds by traders, he said.

The State Government also approved Rs 186 crore for market intervention operations by the Markfed to check the price of pulses in the market, he said.

The Cabinet decided to stand guarantee for the Rs 50 crore margin money assistance extended by the National Cooperative Development Corporation to the State Cooperative Marketing Federation for its activities for welfare of farmers, he said.

The Cabinet gave its nod for reimbursing Rs 22 crore towards expenditure on handling, storage and transportation of fertlilisers, he added.

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