India News | Cabinet Approves FRP of Sugarcane Payable by Sugar Mills for 2020-21 Season

New Delhi [India], Aug 19 (ANI): The Cabinet Committee on Economic Affairs on Wednesday approved the Fair and Remunerative Price (FRP) of sugarcane payable by sugar mills for 2020-21 sugar season (October-September).

The FRP has been approved on the recommendations of the Commission for Agricultural Costs and Prices (CACP).

Also Read | Parliament Session: Allow MPs to Attend Virtually, Says Congress’ Adhir Chowdhury in Letter to Lok Sabha Speaker.

An official release said that FRP of sugarcane for 2020-21 sugar season will be Rs 285 per quintal for a basic recovery rate of 10 per cent and a premium of Rs. 2.85 per quintal would be paid for every 0.1 per cent increase above 10 per cent in the recovery.

There will be a reduction in FRP by Rs 2.85 per quintal for every 0.1 percentage point decrease in recovery, in respect of those mills whose recovery is below 10 per cent but above 9.5 per cent.

Also Read | Jammu And Kashmir: MHA Decides to Withdraw 100 Companies of Paramilitary Forces from J&K.

However, for mills having recovery 9.5 per cent or below, the FRP is fixed at Rs 270.75 per quintal.

"The determination of FRP will be in the interest of sugarcane growers keeping in view their entitlement to a fair and remunerative price for their produce," the release said.

Fair and Remunerative price of sugarcane is determined under Sugarcane (Control) Order, 1966. This will be uniformly applicable all over the country. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)