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Centre increases Fair and Remunerative Price of sugarcane; will be in force from October 1

Briefing reporters on February 21, 2024 about the Cabinet Committee on Economic Affairs decision, Union Minister Anurag Thakur said the Narendra Modi government always gave importance to the issues of farmers and sugarcane farmers in India get the highest price for their produce compared to other countries.

Briefing reporters on February 21, 2024 about the Cabinet Committee on Economic Affairs decision, Union Minister Anurag Thakur said the Narendra Modi government always gave importance to the issues of farmers and sugarcane farmers in India get the highest price for their produce compared to other countries. , Photo Credit: PTI

The Cabinet Committee on Economic Affairs, which met in New Delhi on February 21, approved ₹340/quintal as the Fair and Remunerative Price (FRP) of sugarcane for sugar season 2024-25 at sugar recovery rate of 10.25%. This is about 8% higher than FRP of sugarcane for the current season 2023-24The revised FRP will be applicable from October 1, 2024.

Briefing reporters about the decision, Union Information and Broadcasting Minister Anurag Thakur said the Narendra Modi government always gave importance to the issues of farmers and sugarcane farmers in India get the highest price for their produce compared to other countries. “At 107% higher than A2+FL cost of sugarcane, the new FRP will ensure prosperity of sugarcane farmers,” he said. When asked about the ongoing protests for guaranteed minimum support price, he said many crops in the country were procured at the best prices globally.

Farmers protest, February 21, 2024 | updates

He said the decision to increase the FRP of sugarcane would benefit five crore sugarcane farmers (including family members) and lakhs of other persons involved in the sugar sector. “With each increase of recovery by 0.1%, farmers will get additional price of ₹3.32 while the same amount will be deducted on reduction of recovery by 0.1%. However, ₹315.10/quintal is the minimum price of sugarcane which is at recovery of 9.5%. Even if sugar recovery is lesser, farmers are assured of FRP @ ₹315.10/quintal,” he said.

Livestock Mission

In another decision, the Cabinet decided to modify the National Livestock Mission by including the additional activities such as 50% capital subsidy up to ₹50 lakh for the establishment of entrepreneurship for horse donkey, mule and camel to individuals and collectives of farmers. A similar subsidy will be provided for developing fodder seed processing infrastructure too. The Cabinet also decided to simplify the livestock insurance programme. “The beneficiary share of the premium for the farmers has been reduced and it will be 15% as against the current beneficiary share of 20%, 30%, 40% and 50%. Remaining amount of the premium will be shared by the Centre and the State,” a government release said.

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