Jute industry pins hope on UPA government

The jute industry is hopeful that the new government with its pro-agriculture stance will reverse the dilution of the mandatory packaging implemented by the NDA government.

Addressing the annual general meeting of the East India Jute & Hessian Exchange (EIJ&HE), G M Singhvi, former chairman Indian Jute Mills Association (IJMA), said the jute sector would find its place.

"The political situation has never been so favourable for the sector since 1987 when, Rajiv Gandhi came up with a Bengal package" said Singhvi.

Singhvi said the entire jute sector appeared to be in deep slumber.

Dinesh Mohan Tiwari, president EIJ&HE said, the last four months' inactivity had brought about telling facts on the health of the exchange.

"The suspension of trading as ordered by the commission does not seem to emanate from any irregularity of the market and I implore the decision to be reconsidered."

Tiwari said the AGM was one of the conditions laid down by Forward Markets Commission for resuming futures trading and now the exchange would be able to approach the commission.