'Historic increase in price': PM Modi lauds cabinet's hike in sugarcane FRP
Indian PM Narendra Modi (File photo)
The Cabinet Committee on Economic Affairs chaired byPrime Minister Narendra Modi on Wednesday (Feb 21) night conducted ameeting and approved the Fair andRemunerative Price (FRP) of sugarcane for the next season (2024-25) at Rs340 per quintal at sugar recovery rate of 10.25 per cent.
Hours after the announcement, PM Modi said his government was fully committed to fulfilling every welfare-related resolution.
"Our government is committed to fulfilling every resolution related to the welfare of our farmer brothers and sisters across the country," PM Modi wrote on X (formerly known as Twitter).
"In this context, a historic increase in the price of sugarcane purchase has been approved. This step will benefit crores of our sugarcane-producing farmers," he added.
Notably, the new "historic price of sugarcane" is approximately eight per cent higher than FRP for the current season 23-24. The revised FRO will come into effect from October 1.
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“With this approval, sugar mills will pay FRP of sugarcane @ Rs340/quintal at recovery of 10.25 per cent. With each increase of recovery by 0.1 per cent, farmers will get additional price of Rs3.32 while the same amount will be deducted on reduction of recovery by 0.1 per cent," the government stated.
"However, Rs315.10/quintal is the minimum price of sugarcane which is at recovery of 9.5 per cent. Even if sugar recovery is lesser, farmers are assured of FRP at Rs315.10/quintal," it added.
The cabinet in a press release informed that the fresh FRP had been determined based on the recommendations of the Commission for Agricultural Costs and Prices (CACP) and after consultation with state governments and other stakeholders.
Additionally, it is the highest FRP for sugarcane to be announced by the Modi government since coming to power nearly 10 years ago. The crop is mainly grown in Maharashtra, Uttar Pradesh, and Karnataka.
Watch |Farmers Protest: Agitating farmers say govt proposal 'not in their best interest'
Farmers' protest halted
The announcement of the increase in FRP came on the same day as when the protesting farmers on the periphery of the capital city of New Delhi, demanding an agreement onMinimum Support Price (MSP), halted their march for two days.
As per reports, the temporary suspension was ordered by farmer leaders after aprotester reportedly died and about 12 police personnel were injured on Wednesday as thousands of Indian farmers resumed their march to the capital, following a failed fifth roundof talks with the government.
(With inputs from agencies)