Kerala’s century-old cashew industry, steeped in tradition, is grappling with an existential crisis, pushing its leaders to knock on the doors of the Union Finance Minister. The sector, a lifeline for over a million workers, including three lakh resilient women, is gasping for breath, leaving many unemployed and entrepreneurs teetering on the brink of financial ruin.
The Plea for Rescue
In a plea echoing through the palms of Kerala, the Cashew Industry Protection Council president has penned a heartfelt memorandum to the Union Finance Minister. The letter underscores the industry’s alienation, revealing a grim reality where loan repayments have halted, pushing desperate business owners to the brink of despair and, tragically, even suicide.
The financial quagmire extends its reach to industrialists who sought refuge in loans from banks in pursuit of business dreams. As the crisis tightens its grip, their ability to meet these financial obligations crumbles. The protection council implores the Union government to form a committee, an ark to weather the storm, studying the intricacies of the cashew sector and delivering a permanent solution to this dire crisis.
Seeking a Breather
As a respite measure, the council calls for a moratorium on bank loans, a two-year respite that could give struggling entrepreneurs room to breathe. This plea comes with an earnest request for banks to halt the attachment of properties, offering a lifeline to businesses on the precipice. The cries of desperation also reach the workforce, especially the backward women employed in the industry. A plea is made for the government to ensure employment stability for these resilient workers at the mercy of this economic tempest. A clarion call is made for the government to implement a special package, a financial defibrillator, to revive the flailing cashew industry.
Restoring Hope for Exports
Finally, as the cashew exports dwindle, an appeal is made for the government to revive hope. The industry could regain its footing globally by restoring export incentives from the current 2.5 to 5 percent, fostering growth and offering hope during unprecedented turmoil.
In the face of this crisis, it’s not just an industry at stake but the livelihoods of countless workers and the cultural heritage of Kerala. The government’s intervention is a financial necessity and a moral imperative to safeguard a legacy that has withstood the test of time.
Import/Export Statistics
Please click to reach our marketplace