Pvt jute millers seek 20pc cash incentive

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FE Report
Hailing the government's recent stimulus package, the owners of the country's private jute mills urged the government Wednesday to give 20 per cent cash incentive and allow rescheduling of their loans to save the sector amid the global economic recession.
In its interim stimulus package, the government raised the rate of cash subsidy on jute goods by 2.5 per cent to 10 per cent.
The Bangladesh Jute Mills Association (BJMA) in a press release also called for framing a Jute Packaging Act to promote use of jute products in the country.
They said the use of jute goods rose significantly in India after introduction of such a law.
They also sought fixation of 10 per cent interest on working capital.
The press release said the country's closed jute mills will be reopened and earnings from the sector will rise if the government takes steps and address the issues.