Updated February 22nd, 2024 at 10:13 IST

In Relief to Farmers, Modi Govt Hikes MSP on Sugarcane by 8%, Price Now Raised to Rs 340 Per Quintal

After the decision, the MSP on sugarcane will increase to 340 per quintal for the year 2024-24, which was earlier 315 per quintal.

Reported by: Digital Desk
The Modi government has worked relentlessly for the welfare of farmers in the last 10 years, Union Minister Anurag Thakur says during a late night press briefing. | Image:PIB screengrab
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New Delhi: The Cabinet committee meeting chaired by Prime Minister Narendra Modi on Wednesday approved a hike on minimum support price (MSP) for sugarcane by 8 per cent per quintal for the year 2024-25 giving a big relief to the farmers agitating for the MSP on various crops. The Cabinet approval on the MSP for sugarcane has come up amid a massive protest being carried out at the Punjab-Haryana border by the agitators during the farmers’ protest march to Delhi demanding MSP. 

Narendra Modi-government committed to double farmers' income, says Anurag Thakur

After the decision, the MSP on sugarcane will increase to 340 per quintal for the year 2024-25, which was earlier 315 per quintal.

Union Minister Anurag Thakur announced the government’s decision at a press conference in New Delhi. Apart from this, Thakur also announced decisions taken on livestock stating the measures taken by the government to increase productivity of fodder and feed production.

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Anurag Thakur stated that the Narendra Modi-government is committed and focused to increase farmers’ income two-fold. 

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Briefing to the media personnel after the Cabinet committee meeting chaired by Prime Minister Narendra Modi, Union Minister Anurag Thakur said, "It has been decided to fix the price for the upcoming sugarcane season, in the period from October 1, 2024, to September 30, 2025, to ensure the fair and reasonable price of sugarcane to the farmers by the sugar mills at Rs 340 per quintal for the year 2024-25 as compared to the previous year which was Rs 315.”

The officials said that the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved the Fair and Remunerative Price (FRP) of sugarcane for sugar season 2024-25 at Rs 340 per quintal at a sugar recovery rate of 10.25%.

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This is the historic price of sugarcane which is about 8% higher than the FRP of sugarcane for the current season 2023-24. The revised FRP will be applicable with the effect October 1, 2024, the official added.

Union Cabinet’s approval on livestock

The Union Cabinet of Narendra Modi government also approved further modification of the National Livestock Mission, a sub-scheme which is related to the Ministry of Animal Husbandry and Dairying by including additional activities.

Thakur stated, “Establishment of entrepreneurship for horse donkey, mule, and camel with 50% capital subsidy of up to 50 lakhs will be provided to the individuals, FPO, SHG, JLG, FCO and section 8 companies. Also the state government will be assisted for breed conservation of horse, donkey and camel. The central government will provide 10 crore for establishment of semen station and nucleus breeding farm for horse, donkey and camel.”

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Amendment in FDI Policy on Space Sector Approved

It was further informed that the Union Cabinet approved the amendment in Foreign Direct Investment (FDI) policy on the space sector. The Cabinet approved that the satellite sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector.

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The Indian Space Policy 2023 was notified as an overarching, composite and dynamic framework to implement the vision for unlocking India’s potential in the space sector through enhanced private participation.

The said policy aims to augment space capabilities by developing a flourishing commercial presence in space, by using space as a driver of technology development and derived benefits in allied areas, by pursuing international relations and by creating an ecosystem for effective implementation of space applications among all stakeholders.

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Implementation of Umbrella Scheme for ‘Safety of Women’

During the Union Cabinet meeting chaired by the Prime Minister, the proposal of the Ministry of Home Affairs of continuation of implementation of Umbrella Scheme on ‘Safety of Women’ at a total cost of Rs 1179.72 crore was also approved. Out of the total project outlay of Rs 1179.72 crore, a total of Rs 885.49 crore will be provided by MHA from its own budget and Rs 294.23 crore will be funded from Nirbhaya Fund, says a statement released by the Union government.

 

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Published February 21st, 2024 at 22:45 IST