Cabinet approves ‘Fair and Remunerative Price’ (FRP) of sugarcane payable by sugar factories for sugar season 2024-25 (October-September) Fixed FRP of sugarcane at ₹340 per quintal has been decided for a basic recovery rate of 10.25%
Cabinet approves ‘Fair and Remunerative Price’ (FRP) of sugarcane payable by sugar factories for sugar season 2024-25 (October-September)
Fixed FRP of sugarcane at ₹340 per quintal has been decided for a basic recovery rate of 10.25% #CabinetDecisions #Sugarcane #FRP pic.twitter.com/okBVPq4fsg— Agriculture INDIA (@AgriGoI) February 22, 2024
The Cabinet Committee on Economic Affairs, led by Prime Minister Narendra Modi, approved on Wednesday to raise the fair and remunerative price (FRP) for sugarcane to ₹340 per quintal for the 2024-25 marketing season. This decision came amidst clashes between protesting farmers en route to Delhi and the police at the Punjab-Haryana border.
The procurement price of sugarcane is approximately 8% higher than the FRP for the 2023-24 season, which is ₹315 per quintal. It is estimated that this decision will benefit over 5 crore sugarcane farmers and their families.
Sugar mills are required to pay a Fair and Remunerative Price (FRP) of ₹340 for every quintal of sugarcane, taking into account a sugar recovery rate of 10.25%. Farmers will receive an additional ₹3.32 per quintal for every 0.1% increase in recovery, while the same amount will be deducted if recovery decreases by 0.1%, according to Union Minister for Information and Broadcasting Anurag Thakur following the Cabinet meeting.
The minimum price for sugarcane is ₹315.10 per quintal, with a recovery rate of 9.5%. Farmers can expect an FRP of ₹315.10 per quintal, even with lower sugar recovery.
Ensuring a guaranteed price to Sugarcane growers!
The Government of India is committed to improving the economic condition of farmers. Highest ever #FRP of ₹340/qtl approved for Sugarcane #Farmers.#CabinetDecisions #Sugarcane #EmpoweringAnndatas #FarmersFirst pic.twitter.com/PjgIqpuaqP— Agriculture INDIA (@AgriGoI) February 22, 2024
The decision on sugarcane procurement price comes ahead of the Lok Sabha elections and amid protests by Punjab farmers seeking a legal guarantee to the minimum support price mechanism and full debt waiver, among other things. The sugar sector is an important agro-based sector that affects the livelihoods of approximately 5 crore sugarcane farmers and their dependents, as well as approximately 5 lakh workers directly employed in sugar mills, in addition to those employed in ancillary activities such as farm labour and transportation.
(Inputs from agencies)
ⒸCopyright 2024. All Rights Reserved Powered by Vygr Media
