New Investment Policy-2012 for three fertiliser plants extended

The Union Cabinet on Tuesday approved the extension of applicability of the New Investment Policy-2012 for three upcoming units of Hindustan Urvarak & Rasayan (HURL) at Gorakhpur, Sindri and Barauni.

The cost of the three HURL urea projects is Rs 25,120 crore. GAIL is supplying natural gas to these three units.

The government had announced the New Investment Policy (NIP) – 2012 in January, 2013 and its amendment in October, 2014 to facilitate fresh investment in the urea sector and to make India self-sufficient. The policy lays down guidelines to fix gas prices and also other roadmaps for attracting investment in the urea sector.

HURL, incorporated in June, 2016, is a joint venture between Coal India, NTPC and Indian Oil Corporation. It is reviving the erstwhile Gorakhpur and Sindri Units of FCIL and Barauni Unit of GFCL by setting up new gas-based urea plants with an installed capacity of 1.27 million tonnes per annum.

The commissioning of the three units will add 3.81 million tonnes per annum urea production in the country.

Govt hikes MSP of raw jute to Rs 4,750/quintal

The government has increased the minimum support price (MSP) of raw jute by Rs 250 to Rs 4,750 per quintal for the 2022-23 season. “This would ensure a return of 60.53 per cent over all India weighted average cost of production,” an official statement said. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, on Tuesday approved the MSP for raw jute for the 2022-23 season. The approval is based on recommendations of the Commission for Agricultural Costs and Prices. Jute Corporation of India (JCI) will continue as central government nodal agency to undertake price support operations and the losses incurred, if any, in such operations, will be fully reimbursed by the Centre. (PTI)

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