ECONOMY
EVEN RS 5 BISCUITS PACKS AREN'T SELLING
Parle Products may cut up to 10,000 jobs as slowdown bites
21.08.19 - Team PT
Parle Products may cut up to 10,000 jobs as slowdown bites



Parle Products Pvt Ltd, a leading Indian biscuit-maker, might lay off up to 10,000 workers as slowing economic growth and falling demand in the rural areas could cause production cuts, a company executive said on Wednesday.

A sharp drop in Parle's biscuit sales means the company may have to slash production, which may result in layoffs of 8,000-10,000 people, Mayank Shah, category head at Parle, said in a telephone interview from Mumbai, the Hindu reported.

"The situation is so bad that if the government doesn't intervene immediately ... we may be forced to eliminate these positions,” he said.
-----------
Demand for popular Parle biscuit brands such as Parle-G had been worsening since the rollout of GST
-----------
Parle, founded in 1929, employs about 1,00,000 people, including direct and contract workers across 10 company-owned facilities and 125 contract manufacturing plants.

Shah said demand for popular Parle biscuit brands such as Parle-G had been worsening since the rollout of the nationwide goods and services tax (GST) in 2017, which imposed a higher levy on biscuits costing as low as Rs 5 a pack.

The higher taxes have forced Parle to offer fewer biscuits in each pack, hitting demand from lower-income consumers in rural India, which contributes more than half of Parle's revenue.

"Consumers here are extremely price-sensitive. They're extremely conscious of how many biscuits they are getting for a particular price,” Shah said.

Parle, which has an annual revenue of above $1.4 billion, held talks over the past year with the government’s GST council as well as former Finance Minister Arun Jaitley, asking them to review tax rates, Shah added.

Once known as Parle Gluco, the Mumbai-headquartered company’s flagship biscuit brand was renamed as Parle-G, and became a household name in India through the 1980s and 1990s. In 2003, Parle-G was considered the world’s largest selling biscuit brand.

The slowdown in India's economic growth, which has already led to thousands of job losses in its crucial automotive industry, was accelerating the drop in demand, Shah said.

Market research firm Nielsen said last month India’s consumer goods industry was losing steam as spending in the rural heartland cools and small manufacturers lose competitive advantages in a slowing economy.

Parle is not the only food product company to have flagged slowing demand.

Varun Berry, managing director of Britannia Industries Ltd , Parle's main competitor, said earlier this month that consumers were "thinking twice” about buying products worth just ₹5.

"Obviously, there is some serious issue in the economy,” Berry had said on a conference call with analysts.

Shares in Britannia were down 1.5%, as of 0620 GMT, having fallen as much as 3.9% earlier on Wednesday.
 
Courtesy: www.thehindu.com
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

_______________________________________________________________

Most shared Punjab Today articles:
 

KYUN KE HUM HAIN HINDUSTANI

Three Women of 1984

 FROM 1984 TO BARGARI - Hurt & angry, we’ve tried rage, anger. Did we miss karuna?   

REVISITING 1984 – RIOT AROUND A POLE     

KARTARPUR SAHIB: A CLARION CALL FOR PEACE IN AN AGE OF CYNICISM

If it could happen to Arun Shourie, imagine what could they do to you?

Healers & Predators – The Doctor is In, & is very corrupt

Amarinder, Badals, AAP — Every party in Punjab is now an Akali Dal

Welcome to 1947. Happy Independence Day. Would you like to step out?

In Pakistan, a donkey pays for democracy – bleeding, its nostrils ripped apart

WOOING THE PANTH: Amarinder a little less Congressy, Akali Dal a little more saffron

"Captain Amarinder Singh ji” and "Rahul”: Reading Sign Language In A Relationship

The Comrade In Punjab - Lost, Irrelevant, Asleep, Even Bored!

WATERS ROYALTY - The Loot that Rajasthan Committed

AMARINDER GOVT's LOVE FOR FARMERS, AND MY DAD's FOR HIS SCOOTER

OF SUNNY KID & HORSE SENSE: The Punjab-Punjab Ties 
A SAFFRON JOURNEY VIA CANADA

TRUDEAU VISIT AND RIGHT-WING MEDIA MACHINE

OF NIRMAL SINGH'S EYES 

Mr. CHIEF MINISTER, PLEASE CALL OFF JANUARY 7 FUNCTION
BAD, BAD WOMAN! 

MR PRESIDENT, PLEASE TAKE BACK HIS GALLANTRY MEDAL

 

_______________________________________________________________


Punjab Today believes in serious, engaging, narrative journalism at a time when mainstream media houses seem to have given up on long-form writing and news television has blurred or altogether erased the lines between news and slapstick entertainment. We at Punjab Today believe that readers such as yourself appreciate cerebral journalism, and would like you to hold us against the best international industry standards. Brickbats are welcome even more than bouquets, though an occasional pat on the back is always encouraging. Good journalism can be a lifeline in these uncertain times worldwide. You can support us in myriad ways. To begin with, by spreading word about us and forwarding this reportage. Stay engaged.

— Team PT
 


 





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THE WOBBLY ECONOMY
Patience is finally wearing thin
21.08.19 -
Patience is finally wearing thin



 
Patience is finally wearing thin. The resigned shrug with which Indian industry once responded to the flow of dismal high-frequency data from various sectors of the economy has started to give way to muffled expressions of disquiet over the Narendra Modi government’s fumbling efforts to put together a strategy to deal with a snowballing crisis.
 
What many find especially galling is that the government chooses to remain in denial about the seriousness of the crisis, and continues to hush talk of gloom and doom by harping on its distant dream of creating a $5 trillion economy in five years.
 
In early August, the Reserve Bank of India’s monetary policy committee cut its growth projection for the year to 6.9 per cent from its earlier forecast of 7 per cent. In 2018-19, real GDP growth had plunged to 5.8 per cent in the last quarter (January-March), dragging the full year growth down to 6.8 per cent — the lowest in five years. It is clear that things are not expected to improve by much this year.
-----------
Narendra Modi and his government must stop quibbling over the nature of the crisis, and act with speed
-----------
The deepest pain is being felt in automobile, real estate and consumer goods segments while the farm and rural sectors continue to wallow in distress. Automobile sales sank to a 19-year low in July, tumbling 18.71 per cent to 18,25,148 units. Unsold inventories in the real estate sector have soared and fast-moving consumer goods companies have reported a decline in volume growth in the first quarter.
 
Business confidence has started to drain because airlines, tourism and hotels are also starting to feel the heat as consumption demand evaporates.
 
The automobile industry, which accounts for 25 per cent of the job-generating manufacturing sector, is battling a breakdown in its supply network as automakers cut back production, lay off contractual workers, and dealerships shut shop as credit supply dries up.

The government has tried to come up with patchwork solutions that do not adequately address the situation. The half-hearted effort stems from the fact that the authorities believe that the slowdown is the result of cyclical factors and that the crisis will blow over in the next two quarters. This has opened up a debate over whether this is really a cyclical problem or a deep-rooted structural crisis that can only be solved through radical reforms.
 
Two factors that are playing out today point to a deep structural problem. Wage growth in the corporate sector has tumbled to single digits from high double-digit levels while rural wage growth has shrunk to less than 5 per cent in the last three years. Tax collections have remained weak, forcing the government cut back its own expenditure which has only aggravated the problem. Mr Modi and his government must stop quibbling over the nature of the crisis and act with speed.
 
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

_______________________________________________________________

Most shared Punjab Today articles:
 

KYUN KE HUM HAIN HINDUSTANI

Three Women of 1984

 FROM 1984 TO BARGARI - Hurt & angry, we’ve tried rage, anger. Did we miss karuna?   

REVISITING 1984 – RIOT AROUND A POLE     

KARTARPUR SAHIB: A CLARION CALL FOR PEACE IN AN AGE OF CYNICISM

If it could happen to Arun Shourie, imagine what could they do to you?

Healers & Predators – The Doctor is In, & is very corrupt

Amarinder, Badals, AAP — Every party in Punjab is now an Akali Dal

Welcome to 1947. Happy Independence Day. Would you like to step out?

In Pakistan, a donkey pays for democracy – bleeding, its nostrils ripped apart

WOOING THE PANTH: Amarinder a little less Congressy, Akali Dal a little more saffron

"Captain Amarinder Singh ji” and "Rahul”: Reading Sign Language In A Relationship

The Comrade In Punjab - Lost, Irrelevant, Asleep, Even Bored!

WATERS ROYALTY - The Loot that Rajasthan Committed

AMARINDER GOVT's LOVE FOR FARMERS, AND MY DAD's FOR HIS SCOOTER

OF SUNNY KID & HORSE SENSE: The Punjab-Punjab Ties 
A SAFFRON JOURNEY VIA CANADA

TRUDEAU VISIT AND RIGHT-WING MEDIA MACHINE

OF NIRMAL SINGH'S EYES 

Mr. CHIEF MINISTER, PLEASE CALL OFF JANUARY 7 FUNCTION
BAD, BAD WOMAN! 

MR PRESIDENT, PLEASE TAKE BACK HIS GALLANTRY MEDAL

 

_______________________________________________________________


Punjab Today believes in serious, engaging, narrative journalism at a time when mainstream media houses seem to have given up on long-form writing and news television has blurred or altogether erased the lines between news and slapstick entertainment. We at Punjab Today believe that readers such as yourself appreciate cerebral journalism, and would like you to hold us against the best international industry standards. Brickbats are welcome even more than bouquets, though an occasional pat on the back is always encouraging. Good journalism can be a lifeline in these uncertain times worldwide. You can support us in myriad ways. To begin with, by spreading word about us and forwarding this reportage. Stay engaged.

— Team PT
 


 





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CBI books NDTV’s Prannoy Roy, Radhika Roy and others for alleged FDI norms violation
21.08.19 - Team PT
CBI books NDTV’s Prannoy Roy, Radhika Roy and others for alleged FDI norms violation



The CBI has booked NDTV promoters Prannoy Roy and his wife Radhika Roy, and others in connection with alleged violation of foreign direct investment (FDI) rules, officials said on Wednesday.
 
The agency has also booked the media outlet’s former CEO Vikramaditya Chandra under charges of criminal conspiracy, cheating and corruption, they said. It is alleged that the company floated 32 subsidiaries in several tax haven countries to bring foreign funds to India through sham transactions, they said.
 
 "It is alleged that these transactions are sham transactions and aforementioned funds are invested by unknown public servants through NDTV Ltd and later laundered back to India through multiple layers of complex transactions and shell companies,” the CBI said in a statement.
 
NDTV in a statement called this action by the agency "continued persecution of free press”.

"NDTV and its founders have full faith in India’s judiciary at this crucial time and remain committed to the integrity of the company’s journalism,” the statement said. "Attempts to silence free and fair reportage through malicious and fabricated charges will not succeed. This is not about a company or individuals but about a larger battle to maintain the freedom of the press, something which India has always been renowned for.”

The company said the Roys have cooperated in all cases filed against them and the agencies have found no evidence of any corruption by NDTV.
 
NDTV had also said that the authorities did not inform the Delhi High Court or the Roys that they would be detained at the airport. It had claimed that the action was a "warning to the media to fall in line”.

The Securities and Exchange Board of India had in June barred the Roys from the securities market, as well as from holding any managerial posts in the news network for two years. SEBI said it passed the order because the Roys had allegedly violated insider trading regulations.

The markets regulator had initiated an investigation after an NDTV shareholder claimed that Prannoy Roy, Radhika Roy and RRPR Holdings had not disclosed information about loan agreements they entered into with a company known as Vishvapradhan Commercial. ICICI Bank was also part of this agreement. 
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

_______________________________________________________________

Most shared Punjab Today articles:
 

KYUN KE HUM HAIN HINDUSTANI

Three Women of 1984

 FROM 1984 TO BARGARI - Hurt & angry, we’ve tried rage, anger. Did we miss karuna?   

REVISITING 1984 – RIOT AROUND A POLE     

KARTARPUR SAHIB: A CLARION CALL FOR PEACE IN AN AGE OF CYNICISM

If it could happen to Arun Shourie, imagine what could they do to you?

Healers & Predators – The Doctor is In, & is very corrupt

Amarinder, Badals, AAP — Every party in Punjab is now an Akali Dal

Welcome to 1947. Happy Independence Day. Would you like to step out?

In Pakistan, a donkey pays for democracy – bleeding, its nostrils ripped apart

WOOING THE PANTH: Amarinder a little less Congressy, Akali Dal a little more saffron

"Captain Amarinder Singh ji” and "Rahul”: Reading Sign Language In A Relationship

The Comrade In Punjab - Lost, Irrelevant, Asleep, Even Bored!

WATERS ROYALTY - The Loot that Rajasthan Committed

AMARINDER GOVT's LOVE FOR FARMERS, AND MY DAD's FOR HIS SCOOTER

OF SUNNY KID & HORSE SENSE: The Punjab-Punjab Ties 
A SAFFRON JOURNEY VIA CANADA

TRUDEAU VISIT AND RIGHT-WING MEDIA MACHINE

OF NIRMAL SINGH'S EYES 

Mr. CHIEF MINISTER, PLEASE CALL OFF JANUARY 7 FUNCTION
BAD, BAD WOMAN! 

MR PRESIDENT, PLEASE TAKE BACK HIS GALLANTRY MEDAL

 

_______________________________________________________________


Punjab Today believes in serious, engaging, narrative journalism at a time when mainstream media houses seem to have given up on long-form writing and news television has blurred or altogether erased the lines between news and slapstick entertainment. We at Punjab Today believe that readers such as yourself appreciate cerebral journalism, and would like you to hold us against the best international industry standards. Brickbats are welcome even more than bouquets, though an occasional pat on the back is always encouraging. Good journalism can be a lifeline in these uncertain times worldwide. You can support us in myriad ways. To begin with, by spreading word about us and forwarding this reportage. Stay engaged.

— Team PT
 


 





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CRYPTO REVOLUTION
Can Libra improve financial access?
08.07.19 - Anum Malkani
Can Libra improve financial access?



THROUGHOUT history, many new technologies launched with great hype have failed to live up to their potential. Blockchain and Bitcoin are examples of such ‘revolutionary’ technologies that are yet to cause any real disruption. Libra is likely to follow in their footsteps.

In 2008, a paper published under the pseudonym Satoshi Nakamoto introduced the first cryptocurrency, Bitcoin. The author(s) found that one of the greatest faults of the financial system is that we are forced to trust third parties, ie financial institutions. By creating a cryptocurrency based on Blockchain technology, they hoped to create "an electronic payment system … without the need for a trusted third party”.

This idea held great promise in the wake of the financial crisis. People’s trust in financial institutions and governments had been damaged. Bitcoin was a way out: a way to participate in the economy without being at the mercy of a flawed financial system.

Cryptocurrencies presented solutions to many problems associated with traditional currencies, reigniting the dream of the internet enabling decentralisation. No one entity could control money supply, and financial institutions would no longer mediate all transactions and get rich doing so.
 
Despite the excitement, there were many reasons why Bitcoin never took off. Fears of crypto-anarchy and anonymous transactions led to widespread bans. It was also criticised for its high-energy consumption. The nail in the coffin was its volatility, which effectively made it useless as a store of value.

As the Bitcoin dream fades, Facebook, along with its partners, has announced plans for a new cryptocurrency: Libra. The announcement has generated mixed reactions — from paranoia of Facebook’s deeper penetration into our lives, to hope that Facebook will solve the world’s financial inclusion woes.
------------
If there is widespread adoption of Libra among Facebook’s 2bn users, it could make Facebook — and Zuckerberg — more powerful than any government or multilateral institution.
------------
The white paper introducing Libra presents it as a philanthropic mission. The sales pitch — which betrays a lack of understanding of the reasons behind financial exclusion — is that Libra will give access to 1.7 billion financially excluded people.

In Pakistan, around 100 million adults lack access to formal financial services. How many of them use mobile internet and social media apps and can grasp the concept of cryptocurrency? It is difficult to imagine how Libra is going to be accessible for this excluded population.

Women fare worse in access than men. According to GSMA, 327m fewer women than men use mobile internet in low- and middle-income countries. Women in Pakistan are 45 per cent less likely than men to own a mobile phone and 63pc less likely to use mobile internet.

Social norms are a significant barrier to women’s access to smartphones, mobile internet and social media apps. Inability to read and write and low digital literacy also prevent women (and men) from using mobile phones for much beyond phone calls. It is unlikely that there will be significant uptake of cryptocurrency — an obscure concept — amongst this population, many of whom are neither digitally ready nor financially literate.

Another big barrier is mistrust of banks. According to Gallup, over a third of adults in Pakistan do not trust financial institutions. Would they be more likely to trust Facebook — a company with a poor data privacy record and dozens of scandals and lawsuits under its belt?

Finally, physical distance from banks is a significant cause of financial exclusion. Branchless banking providers have made great progress with over 400,000 branchless banking agents across Pakistan. There is no reason to believe Libra would have greater reach and more success with this model than traditional mobile money providers.

As of now, Libra seems only to be catering to the tech-savvy people with bank accounts, who can buy the currency online. Financial inclusion aside, could Libra be a boon for cryptocurrencies? An association of big corporations proposing a stable currency could bring the legitimacy this technology needs.

But here, too, Libra falls short. For purists, Libra betrays the spirit of a cryptocurrency as it is not (yet) decentralised. Nakamoto’s rationale in creating Bitcoin was to give power back to the people and remove their dependence on third parties. With Libra, rather than trusting traditional financial institutions, we would now be asked to trust an elite group of corporations led by Mark Zuckerberg, a ‘tech bro’ notorious for breaching our trust.

From silver coins, to gold standard, to fiat currency, cryptocurrency may well be the next step in the evolution of money. Change is required in a financial system that does not work for the majority, but Libra is not the answer. Given how many of our daily interactions Facebook already surveils, misuses and monetises, Libra poses a great threat. If there is widespread adoption of Libra among Facebook’s 2bn users, it could make Facebook — and Zuckerberg — more powerful than any government or multilateral institution.

 
The writer is a development practitioner.
Courtesy: dawn.com
  
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

_______________________________________________________________

Most shared Punjab Today articles:
 

KYUN KE HUM HAIN HINDUSTANI

Three Women of 1984

 FROM 1984 TO BARGARI - Hurt & angry, we’ve tried rage, anger. Did we miss karuna?   

REVISITING 1984 – RIOT AROUND A POLE     

KARTARPUR SAHIB: A CLARION CALL FOR PEACE IN AN AGE OF CYNICISM

If it could happen to Arun Shourie, imagine what could they do to you?

Healers & Predators – The Doctor is In, & is very corrupt

Amarinder, Badals, AAP — Every party in Punjab is now an Akali Dal

Welcome to 1947. Happy Independence Day. Would you like to step out?

In Pakistan, a donkey pays for democracy – bleeding, its nostrils ripped apart

WOOING THE PANTH: Amarinder a little less Congressy, Akali Dal a little more saffron

"Captain Amarinder Singh ji” and "Rahul”: Reading Sign Language In A Relationship

The Comrade In Punjab - Lost, Irrelevant, Asleep, Even Bored!

WATERS ROYALTY - The Loot that Rajasthan Committed

AMARINDER GOVT's LOVE FOR FARMERS, AND MY DAD's FOR HIS SCOOTER

OF SUNNY KID & HORSE SENSE: The Punjab-Punjab Ties 
A SAFFRON JOURNEY VIA CANADA

TRUDEAU VISIT AND RIGHT-WING MEDIA MACHINE

OF NIRMAL SINGH'S EYES 

Mr. CHIEF MINISTER, PLEASE CALL OFF JANUARY 7 FUNCTION
BAD, BAD WOMAN! 

MR PRESIDENT, PLEASE TAKE BACK HIS GALLANTRY MEDAL

 

_______________________________________________________________


Punjab Today believes in serious, engaging, narrative journalism at a time when mainstream media houses seem to have given up on long-form writing and news television has blurred or altogether erased the lines between news and slapstick entertainment. We at Punjab Today believe that readers such as yourself appreciate cerebral journalism, and would like you to hold us against the best international industry standards. Brickbats are welcome even more than bouquets, though an occasional pat on the back is always encouraging. Good journalism can be a lifeline in these uncertain times worldwide. You can support us in myriad ways. To begin with, by spreading word about us and forwarding this reportage. Stay engaged.

— Team PT
 


 





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RS. 31000 CRORE FOOD ACCOUNT LOAN ISSUE
Paswan accepts Amarinder’s suggestion for joint meeting with FM
27.06.19 - Team PT
Paswan accepts Amarinder’s suggestion for joint meeting with FM



New Delhi, June 27: Union Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan on Thursday acceded to the request of Punjab Chief Minister Captain Amarinder Singh to hold a joint meeting with the Union Finance Minister to resolve the Rs 31000 crore food account loan legacy issue.

Paswan agreed to organise the meeting after the Union Budget session, an official spokesperson said after Captain Amarinder Singh called on the Minister here this afternoon.

The Union Minister has also agreed to allow Punjab to create additional storage space to enable the state to address the problem of acute shortage of storage space in this Rabi season. Modalities for the same will soon be worked out, said the spokesperson.

Captain Amarinder also succeeded in securing relaxation in lustre loss in wheat, resulting from the unseasonal heavy rains that lashed the state during the season.

During his meeting, the Chief Minister pointed out the Rs 31000 crore food loan legacy issue, inherited from the previous government, had already been referred to a special committee headed by Member NITI Aayog Ramesh Chand, who is also the Member of 15th Finance Commission. The Committee had been mandated to look into all aspects of the Legacy Debt of Punjab government arising out of accumulated CCL (Food Credit Gap) with reference to Food Corporation of India/Department of Food and Public Distribution. The Chief Minister sought Paswan’s personal intervention to expedite the matter.

With regard to lustre loss, Captain Amarinder informed the Union Food Minister that Government of India had only allowed relaxation in for nine districts with effect from 8th May 2019, by when bulk of the purchase had been completed in the state. The state had sought relaxation, through a letter to GoI on April 26, 2019, for the entire quantity of wheat purchased during the season across the state, and should be given relaxation w.e.f April 26, when it first sought FCI inspection.

Expressing concern over slow movement of stocks, the Chief Minister told Paswan that the state government was grappling with acute shortage of storage space for foodgrain. He mentioned that state agencies were currently stocking 160 Lakh MT of wheat and 107 Lakh MT of rice, while 96 Lakh MT of wheat was lying in the open, while 10.5 Lakh MT of wheat purchased more than a year ago was still being stocked in the open. As a result of slow movement of food grains from the state, the state would face a major challenge for scientific storage of wheat next year, he added.

Referring to withholding of reimbursement of arhtiya charges and administrative charges, the Chief Minister urged Paswan to immediately release these charges to the state. These charges were paid to the arhtiyas as per provisions of the Punjab State Agriculture Produce Markets Act, 1961 and administrative charges were used for maintenance of stocks as well as payment of salaries and other establishment expenses, said Captain Amarinder.

GoI had withheld these charges on account of the failure of the state to implement the Public Financial Management System (PFMS), which allows the Central Government to see online the transfer of MSP payments into the bank accounts of the farmer. However, the Chief Minister pointed out that the state had already uploaded details of 6 Lakh of the more than 10 Lakh farmers and was committed to implementing PFMS. But it was a time consuming exercise and more than 20,000 arhtiyas were required to be trained on PFMS module as payments are routed through the arhtiyas, he said, adding that even Haryana had not yet implemented PFMS.

On the issue of withholding of custody & maintenance charges, the Chief Minister requested Paswan to immediately reimburse these charges to the state on the basis of actual expenditure incurred. He pointed out that Rs. 750 crore has been withheld on account of storage of wheat in Open Plinths after 2007, even though the charges were being paid earlier. Similarly, the state also incurred an expenditure of Rs. 608 crore on custody and maintenance charges. Against this, GoI provisionally released Rs. 300 crore and the balance was held back due to a clarification that has to be issued by it.

Prominent amongst other who accompanied the Chief Minister were Food Minister Bharat Bhushan Ashu, MPs Preneet Kaur, Santokh Chaudhry and Gurjit Aujla, CM's Principal Secretary Tejveer Singh and Special Principal Secretary Gurkirat Kirpal Singh.
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

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