Sugarcane price hiked by Rs. 20 per quintal to Rs. 275 by Government

The Indian government on Wednesday increased fair and remunerative price (FRP) of sugarcane by Rs 20 per quintal to Rs 275 for the next marketing year starting October.

The Cabinet Committee on Economic Affairs approved the FRP for 2018-19 sugar season payable by sugar mills at Rs 275 per quintal for a basic recovery rate of 10 per cent for sugar.

The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi. Briefing reporters after the Cabinet meeting, Union Minister Ravi shankar Prasad said, the total remittance to the sugarcane farmers will be more than Rs 83,000 crore rupees keeping the expected production of sugarcane in the sugar season 2018-19.

Prasad added that there will not be any deduction in case of mills where recovery is below 9.5 per cent. Such farmers will get Rs 261.25 per quintal for sugarcane in place of Rs 255 per quintal in the current season.

(Featured Image – Deccan Chronicle)