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News
Rs.8000 crore relief package likely for cane farmers, mills
Date:
05 Jun 2018
Source:
The Hindu
Reporter:
Special Correspondent
News ID:
30232
Pdf:
Nlink:
Centre to set minimum price for sugar, create buffer stock
With payment arrears due to cane farmers from sugar mills now rising to more than ₹22,000 crore, the government is likely to announce a comprehensive package of more than ₹8,000 crore.
The package is likely to include a set minimum price for sugar, creation of a 30 lakh tonne buffer stock and a scheme to increase ethanol capacity, said a senior government official. The package is likely to be approved by the Cabinet this week, according to another official.
Record production
Sugar production has hit a record high of more than 315 lakh tonnes this year, crossing the amounts needed for domestic consumption, and leading to a crash in prices.
The plan to create 30 lakh tonne buffer stock, for which the money will be transferred directly to the accounts of sugarcane farmers, is estimated to cost around ₹1200 crore, said the official. Apart from reducing arrears, it would also ensure regular sugar supply in the market by maintaining the demand and supply balance.
The scheme to increase ethanol capacity will cost more than ₹4,400 crore and will help in the diversion of sugarcane for fuel production in surplus seasons, according to the official.
The government is also planning to set the minimum retail price of sugar at ₹29/kg.
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