New Delhi, Feb 22 (KNN) The Cabinet Committee on Economic Affairs, under the leadership of Prime Minister Narendra Modi, has approved a noteworthy increase in the Fair and Remunerative Price (FRP) of sugarcane for the upcoming Sugar Season 2024-25.

The revised FRP has been set at Rs 340 per quintal, representing a historic surge that stands approximately 8 per cent higher than the FRP for the current season, 2023-24.

This decision, slated to come into effect from October 1, 2024, marks a pivotal moment for sugarcane farmers across the nation.

Under the revised framework, sugar mills are mandated to pay sugarcane farmers a minimum of Rs 340 per quintal at a sugar recovery rate of 10.25 per cent.

Furthermore, for every 0.1 per cent increase in recovery, farmers stand to gain an additional Rs 3.32 per quintal.

Conversely, any reduction in recovery by 0.1 per cent will result in a corresponding deduction of the same amount.

It is noteworthy that even in scenarios where sugar recovery falls below the stipulated rate, farmers are guaranteed a minimum FRP of Rs 315.10 per quintal, applicable at a recovery rate of 9.5 per cent.

This decision underscores the government's commitment to bolstering the agricultural sector and ensuring fair compensation for farmers, thereby fostering economic resilience and prosperity in rural communities.

(KNN Bureau)