Cabinet approves Fair and Remunerative Price of sugarcane payable by sugar factories for 2024-25 season
NEW DELHI: Under the direction of Prime Minister Narendra Modi, the Cabinet Committee on Economic Affairs approved the Fair and Remunerative Price (FRP) of sugarcane for the 2024–25 sugar season on Wednesday. The FRP is set at Rs 340 per quintal, with a sugar recovery rate of 10.25. More than 5 crore sugarcane farmers, together with their families and other industry participants, are anticipated to gain from this decision. Following a union cabinet meeting, Information and Broadcasting Minister Anurag Thakur briefed reporters, stating that this sugarcane price is historic and almost 8% more than the FRP for the current season 2023–24. The updated FRP will be in force starting on October 1, 2024."India already pays the greatest price in the world for sugarcane. It is 107% more expensive than the A2+FL cost of sugarcane, according to Thakur, who also stated that the new FRP will guarantee the prosperity of sugarcane growers. He claimed it demonstrates that the Modi government's pledge to double farmers' income has been fulfilled. According to an official release, sugar mills will reimburse FRP of sugarcane at a recovery rate of 10.25 percent, or Rs 340 per quintal, following the CCEA's decision. It is notable that although though India is currently paying the highest price in the world for sugarcane, its government nonetheless guarantees that domestic customers would receive the cheapest sugar available worldwide. More than 5 crore sugarcane farmers (including family members) and lakhs of other people working in the sugar industry will profit from this Central Government decision, the announcement stated. Farmers would receive an extra Rs 3.32 for every 0.1 percent rise in recovery, but the same amount will be subtracted for every 0.1 percent decrease in recovery. Nonetheless, the minimum price of sugarcane, which is at 9.5 percent recovery, is Rs 315.10 per quintal. Farmers are guaranteed FRP at Rs 315.10 per quintal, even in the event of a lower sugar recovery," it stated. According to the release, the Modi administration has made sure that farmers receive the correct price for their crops at the right time during the previous ten years. According to the statement, farmers have already received payments for 99.9% of the cane dues from the previous sugar season (2022–2023) and all previous sugar seasons, resulting in the lowest amount of outstanding cane arrears in the sugar industry's history. "Sugar mills have become self-sustaining due to prompt policy interventions by the government, and since the sugar season of 2021–2022, the government has stopped providing them with financial aid. Nevertheless, the announcement stated that the Central Government has guaranteed farmers "Assured FRP and Assured Procurement" of sugarcane. [caption id="attachment_11502" align="alignnone" width="300"] Cabinet approves Fair and Remunerative Price of sugarcane payable by sugar factories for…
