New Delhi, Dec 29 (IANS): The Indian government has decided to set up an agency to promote development and export of saffron in the country, an official statement said Monday.

"Government has approved setting up of the specialized agency under the Spices Board with the nomenclature of 'Saffron Production & Export Development Agency (SPEDA)' to be headquartered at Srinagar to plan and implement programmes for development and promotion of exports of quality saffron," the statement said.

The agency will be set up by the Spices Board in consultation with the Jammu and Kashmir government"as expeditiously as possible", it said.

The production, rejuvenation of saffron along with the processing, training of farmers, research, quality control & export promotion of saffron will be handled by the specialised agency. The project will benefit all saffron farmers of Jammu and Kashmir by assuring higher production and realization for the state's unique product.