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Business News/ News / India/  Union Cabinet approves hike in sugarcane FRP by 25 to 340 per quintal amid farmers' protest
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Union Cabinet approves hike in sugarcane FRP by ₹25 to ₹340 per quintal amid farmers' protest

Union Cabinet approves hike in sugarcane FRP by ₹25 to ₹340 per quintal for 2024-25: I&B Minister.

According to the Indian Government press release this 'historic' price of sugarcane is about 8% higher than FRP of sugarcane for current season 2023-24. (ANI)Premium
According to the Indian Government press release this 'historic' price of sugarcane is about 8% higher than FRP of sugarcane for current season 2023-24. (ANI)

The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi, on Wednesday, approved the Fair and Remunerative Price (FRP) of sugarcane for Sugar Season 2024-25 at 340 per quintal at sugar recovery rate of 10.25%. 

According to the Indian Government press release this “historic" price of sugarcane is about 8% higher than FRP of sugarcane for current season 2023-24. 

The revised FRP will be applicable from 1 Oct 2024, confirmed Union government. 

The government said the premium of 3.32 per quintal will be provided for every 0.1 percentage point increase above 10.25% in the recovery. It will benefit more than 5 crore sugarcane farmers and their families.

“With this approval, sugar mills will pay FRP of sugarcane @ 340/quintal at recovery of 10.25%. With each increase of recovery by 0.1%, farmers will get additional price of 3.32 while the same amount will be deducted on reduction of recovery by 0.1%. However, 315.10/quintal is the minimum price of sugarcane which is at recovery of 9.5%. Even if sugar recovery is lesser, farmers are assured of FRP at 315.10/quintal.", the press statement mentioned. 

The decision comes even as large number of cultivators from Punjab, Haryana are protesting near national capital Delhi border demanding a legal guarantee for Minimum Support Price (MSP).

On Wednesday, addressing the media, Union Minister Anurag Thakur said, "It has been decided to fix the price for the upcoming sugarcane season, in the period from October 1, 2024, to September 30, 2025, to ensure the fair and reasonable price of sugarcane to the farmers by the sugar mills. It has been decided to fix the price at 340 per quintal for the year 2024-25 as compared to the previous year which was 315, which has increased to 340 per quintal this year."

100% FDI allowed in space sector

The Union Cabinet approved the amendment in Foreign Direct Investment (FDI) policy on space sector. Now, the satellites sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector.

Under the amended FDI policy, 100% FDI is allowed in space sector. The liberalized entry routes under the amended policy are aimed to attract potential investors to invest in Indian companies in space.

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Published: 21 Feb 2024, 10:41 PM IST
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