Spice industry thanks President for fertiliser subsidy

The Advisory Committee on Spice, has thanked President Mahinda Rajapaksa and Treasury Secretary Dr. P.B. Jayasundera for the proposed fertiliser subsidy given by the government.

Co -Chairman of the Spice Sector Advisory Committee Sarada de Silva, thanked the President and the Treasury Secretary for the extension of the proposed fertiliser subsidy for the spice industry. This would help increase production of Spices in the next two years if the scheme is implemented successfully.

The government annually spends Rs 40 billion for fertiliser subsidy. Earlier this month, the government has extended the subsidy to all crops. The subsidy was previously limited to a few selected crops including rice.

Members of the Advisory Committee on Spice, who met Industry and Commerce Minister Rishad Bathiudeen thanked the President for the subsidy.

According to the proposals, the price of cinnamon fertiliser will to be reduced by 54 percent from its Rs 2,950 to Rs 1,350 per 50 kilo bag. This would help the small producers who are the backbone of the spice industry.

Minister Bathiudeen said that Sri Lanka's spice industry needs to re-invest its profits back, ensuring industry growth. "We also need to thank the spice producers for the forex revenues they bring in", he said.

-ss