ENA Sectors 2024-02-22 14:39:24 <p><span style="font-size:14px"><strong>New Delhi, Feb 22 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">This decision, slated to come into effect from October 1, 2024, marks a pivotal moment for sugarcane farmers across the nation.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Furthermore, for every 0.1 per cent increase in recovery, farmers stand to gain an additional Rs 3.32 per quintal.</span></p> <p><span style="font-size:14px">Conversely, any reduction in recovery by 0.1 per cent will result in a corresponding deduction of the same amount.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36787 https://knnindia.co.in/news/newsdetails/sectors/cabinet-enhances-sugarcane-prices-by-8-for-2024-25-season 2024-02-22 14:39:24 knnindia.co.in