New Delhi, February 21: The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi on Wednesday approved an 8 per cent increase in the Fair and Remunerative Price (FRP) of sugarcane to Rs 340 per quintal for the sugar season 2024-25. The revised prices will be applicable with effect from Oct 1, 2024, according to an official statement issued after the CCEA meeting.

At 107 per cent higher than A2+FL cost of sugarcane, the new FRP will ensure prosperity for the sugarcane farmers. It is noteworthy that India is already paying the highest price for sugarcane in the world and despite that the government is ensuring the supply of world’s cheapest sugar to the domestic consumers of Bharat, the statement said. White Paper on Indian Economy: Narendra Modi Government Creates Ecosystem Through Comprehensive Measures Undertaking Both Manufacturing and Foreign Trade Space.

“This decision of the Central government is going to benefit more than 5 crore sugarcane farmers (including family members) and lakhs of other persons involved in the sugar sector. It re-confirms the fulfilment of 'Modi ki Guarantee' to double farmers’ income,” the statement added.

With this approval, sugar mills will pay FRP of sugarcane at Rs 340/quintal at a recovery of 10.25 per cent. With each increase of recovery by 0.1 per cent, the farmers will get an additional price of Rs 3.32 while the same amount will be deducted on reduction of recovery by 0.1 per cent. PM Narendra Modi Has a Dream That AI Startups Should Come From Tier 2 and Tier 3 Cities, Says MoS IT Rajeev Chandrasekhar.

However, Rs 315.10/quintal is the minimum price for sugarcane which is at recovery of 9.5 per cent. Even if sugar recovery is lesser, farmers are assured of an FRP of Rs 315.10/quintal.

(The above story first appeared on LatestLY on Feb 21, 2024 11:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website