JCI expects production shortfall

Kolkata, Sep 8 (UNI) The projected production of Jute may likely be affected owing to drought like situation in North Bengal, Jute Corporation of India's (JCI's) chairman-cum-managing director Dr R C Tiwari said today.

"Jute production was projected to be in the range of 115 lakh bales this year, but there may be a shortfall of around five lakh bales owing to the drought like situation in North Bengal," Tiwari said at the 49th annual general meeting of The East India Jute and Hessian Exchange Ltd.

As part of the modernisation effort, JCI would own 20 departmental purchase centres, Tiwari said. JCI presently has 171 departmental purchase centres on rented areas.

Meanwhile, The East India Jute and Hessian Exchange Ltd has approached the Forward Markets Commission (FMC) for futures in jute.

It has also applied to the FMC for demutualisation of the exchange.

UNI TJP KK DB2007