The Union Cabinet on Thursday approved the setting up of the National Centre for Cold Chain Development as a as a society under the Societies Registration Act, 1860. It also approved a sum of Rs25 crore as one time grant for setting up a corpus fund for the NCCD
New Delhi: The government on Thursday approved setting up of a national centre for cold chain development and allocated a one-time grant of Rs25 crore for its corpus fund, reports PTI.
The decision comes in the wake of post harvest losses to the tune of Rs50,000 crore annually in absence of proper storage facilities.
“The Union Cabinet today gave its ex-post facto approval for registering National Centre for Cold Chain Development (NCCD) as a society under the Societies Registration Act, 1860, with its Memorandum of Association and Rules and Regulations,” an official statement said.
It also approved a sum of Rs25 crore as one time grant for setting up a corpus fund for NCCD, it added.
The centre will be run by a 22-member governing council under the chairmanship of a secretary. The members will comprise various government officials, representative from industry bodies like CII, FICCI and stakeholders like growers, cold chain equipment manufacturers, etc, it said.
India—the world’s second largest producer of horticulture products—accounts for 71.5 million tonnes (MT) of fruits, 133.7 MT of vegetables and 17.8 MT of other commodities like flowers, spices, coconut, cashew, mushroom, honey, etc.
However, a significant portion of the produce like fruits, vegetables, flowers goes waste due to post harvest losses in absence of proper cold storage facilities.
A parliamentary panel has also pointed out that post harvest losses of fruits and vegetables are as high as 35%, valued more than Rs50,000 crore annually.
Earlier the government had constituted a task force on cold chain development to assess the situation.
The task force had recommended formation of a dedicated institution for promoting cold chain development.
Axis Bank claimed it holds 48% market share in the travel currency card segment currently.
Private sector lender, Axis Bank said sales and usage volumes for its travel currency card used for international travel have crossed USD 2 billion.
In a statement issued here, the bank claimed it holds 48% market share in the segment currently and that this is the first time anywhere in the world that any bank has crossed USD 2 billion in sales for such a card.
The city-based bank said the product, launched in 2003 crossed, had surpassed the USD 1 billion mark in 2009.
The card allows users the ability to top-up money in 11 currencies by paying in rupee terms. The money is converted to the international currency of choice at the prevailing exchange rate and customers can use it for transactions abroad, the statement said.
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