Finance & Stock Market
Cabinet approves hike in sugarcane procurement price to Rs 340 per quintal for 2024-25 season
By - 22 Feb 2024 08:12 PM
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The Cabinet Committee on Economic Affairs, on February 21, approved a hike in the Fair and Remunerative Price (FRP) of sugarcane to Rs 340 per quintal from Rs 315 per quintal for the 2024-25 (October-September) season. The Rs 25-per-quintal increase in the FRP of sugarcane is significantly higher than what was announced last year, when the government had raised it by Rs 10 per quintal to Rs 315. The decision to hike the FRP of sugarcane in February is unusual considering the season begins in October and comes amid the 'Delhi Chalo' protests by farmers, with the government involved in talks with them over their demands. In 2023, the decision on sugarcane FRP was announced in June. Before that, in 2022, it was announced in August. India is paying the highest price for sugarcane in the world. Even this year, the Modi government has announced a hike of 8 percent. This is in the interest of farmers," Union Minister Anurag Thakur said on February 21 after the Cabinet meeting. |
