Union cabinet approves agricultural export policy – The Economic Times

New agricultural export policy is in-line with PMs stated commitment of doubling farmers’ income. Policy has been formulated after extensive consultations with state governments, said Suresh Prabhu.

The union cabinet today approved the agricultural export policy, thereby, removing export restrictions on most organic and agro processed products.

In its first ever policy for agricultural exports, the cabinet also decided to give high value, value added and perishable products a special reference.

New agricultural export policy is in-line with PMs stated commitment of doubling farmers’ income. Policy has been formulated after extensive consultations with state governments, said Commerce minister Suresh Prabhu.

The government also asked states to remove restrictions such as mandi tax. Several ports have also been identified as being nodal points for exports

The cabinet also cleared Power Finance CorporationNSE -2.44 %‘s takeover of Rural Electrification Corporation. Deal will fetch the government around Rs 14,000 crores, stated Arun Jaitley in a press conference.