Jute Policy to be okayed in Oct

Talha Bin Habib The government is expected to approve the much-desired Jute Policy in the next month, officials said. The draft policy which has been prepared in line with the recommendations of the Jute Commission will go to the cabinet for its approval in the coming month, they said. "We have completed the draft policy as per the recommendations of the Jute Commission. The draft is now at the Law Ministry for its vetting. After the procedural formalities of the ministry, it will go to the cabinet for its approval in October," Textiles and Jute Secretary Md Ashraful Moqbul told the FE Saturday. Earlier the commission submitted its report to Textiles and Jute Minister Abdul Latif Siddique, suggesting that the government should formulate the jute policy so that the ailing sector can regain its past glory of the 'golden fibre' of Bangladesh. The jute secretary said the new policy will focus on increased production of jute, diversification of jute products and making the state-owned jute mills profitable. "The new policy will help increase jute production, diversify jute products, make state-owned jute mills profitable, ensure fair price of jute to farmers by curbing the role of middlemen and give tax holiday and other supports to the sector," he said. In its recommendations, the commission has also strongly urged the government to bring the jute industry under the agro-based industry with the provisions of fiscal supports with other required facilities and to initiate measures so that production of jute can be enhanced. The other major recommendations of the commission include taking steps for exporting jute and jute goods and making a buffer stock of the golden fibre so that the prices of jute could remain stable in the local market. The average annual jute production in the country is between 5.5 and 6 million bales on 1.2 million to 1.4 million acres of land. The jute mills of the country usually need 4.4 million bales of raw jute and 1.6 million bales are exported yearly. The country earned foreign currency worth Tk 50 billion (Tk 5,000 crore) by exporting raw jute and jute goods during the 2009-10 fiscal, according to Bangladesh Jute Mills Association (BJMA). The jute minister while receiving the report from Chairman of the Jute Commission Dr Qazi Kholiquzzaman Ahmad on March 28, 2011 said that the government would formulate the jute policy for the nation's interest at the earliest.