The government said the premium of Rs 3.32 per quintal will be provided for every 0.1 percentage point increase above 10.25% in the recovery. It will benefit more than 5 crore sugarcane farmers and their families
The Union Cabinet on Wednesday approved an 8% hike in Fair and Remunerative Price (FRP) of sugarcane from Rs 315 per quintal to Rs 340 per quintal. It also approved FDI in the space sector.
Union Minister Anurag Thakur said the price hike would ensure the fair and reasonable price of sugarcane to the farmers by the sugar mills.
“For 2024-25, sugarcane FRP will be Rs 340 per quintal… Before 2014, farmers had to come out on the streets for fertilizers. They were not getting their dues… The Modi government is committed to double farmers’ income,” Thakur said during a Cabinet briefing.
The government said the premium of Rs 3.32 per quintal will be provided for every 0.1 percentage point increase above 10.25% in the recovery. It will benefit more than 5 crore sugarcane farmers and their families.
On farmers’ protest for the MSP, Thakur said, “India is paying the highest price for sugarcane. The Modi government increased the price to Rs 340 per quintal. This is our commitment to farmers. We did not let the price of fertilizers increase.”
100% FDI ALLOWED IN SPACE SECTOR
The Union Cabinet approved the amendment in Foreign Direct Investment (FDI) policy on space sector. Now, the satellites sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector.
Under the amended FDI policy, 100% FDI is allowed in space sector. The liberalized entry routes under the amended policy are aimed to attract potential investors to invest in Indian companies in space.
INCLUSION OF ADDITIONAL ACTIVITIES IN NATIONAL LIVESTOCK MISSION
The Union Cabinet chaired by Prime Minister Narendra Modi approved further modification of the National Livestock Mission by including the additional activities.
The Establishment of entrepreneurship for horse donkey, mule, camel with 50% capital subsidy up to 50 lakhs will be provided to the Individuals, FPO, SHG, JLG, FCO and Section 8 companies. The state government will also be assisted for breed conservation of horse, donkey and camel. The Central Government will provide Rs 10 crore for establishment of semen station and nucleus breeding farm for horse, donkey and camel.