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Four percent interest repayment relief for poultry industry

by 5m Editor
29 March 2006, at 12:00am

INDIA - Severely hit by an avian flu scare, India&#39;s poultry industry was Sunday granted a four percent reduction in interest on loans to enable it to tide over the crisis caused by the large-scale culling of birds in the affected region. &#39;The government of India has decided to grant a one-time reduction of four percentage points in the interest payment liability on the bank loans of all types taken by the poultry units. This will apply to accounts of all poultry units with all banks including commercial banks, cooperative banks and Regional Rural Banks,&#39; an official release said. Agriculture Minister Sharad Pawar took the decision after a meeting with representatives of the poultry industry here Sunday afternoon. Pawar said the money required for this purpose will be released to the banks for crediting to all such accounts. &#39;This measure has been announced in view of a few instances of outbreak of avian influenza in limited areas of the country which have had an extremely damaging effect on the poultry industry in the country resulting in steep fall in the demand for and prices of poultry products,&#39; the release said. <i>Source: DailyIndia</i>

5m Editor